Good budget in difficult economic conditions: LCCI.

LAHORE -- Lahore Chamber of Commerce and Industry (LCCI) said on Friday that the government has presented a good budget in difficult economic conditions.

Addressing a press conference soon after the budget speech of Federal Finance Minister Miftah Ismail here, the LCCI President Mian Nauman Kabir said that the LCCI budget proposals have also been incorporated in the federal budget 2022-23. LCCI Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also accompanied Mian Nauman.

The LCCI President said that small retailers to be taxed a fixed amount (Rs.3000 to Rs.10000 as final tax) and will be collected with utility bills, withholding tax for import of raw material to be made adjustable, sales tax holiday for local and imported solar panels, sales tax reversed for tractors, agriculture equipment, wheat, canola and other grains are good measures. He said that soyabean seed and grand parent poultry should also be given tax exemptions.

He said that around Rs. 4000 billion have been allocated for debt serving that shows how much economy is paying to the debts.

Mian Nauman said that one of the best ways to reduce the budget deficit is to promote economic growth. He said that high economic growth is the finest way to reduce the budget deficit because it would also enhance the government revenues.

Mian Nauman Kabir said that a revenue collection target of Rs. 7004 billion has been set with an increase of Rs. 1400 billion as compare to the previous year. However it should also be mentioned that whether new sources will be find out other the existing taxpayers will be burdened.

He said that special...