HCCI Criticises Budget, Fears Harsher Steps Under IMF Dictates.

HYDERABAD -- The Hyderabad Chamber of Commerce and Industry (HCCI) has commented that the federal government has appeased International Monetary Fund (IMF) through the budget 2022-23. HCCI president Adeel Siddiqui also apprehended that more changes were very likely to be made in the budget under IMF dictates because the government had already hinted at 11.5pc price hike during this fiscal. He noted that property tax had been increased from one per cent to two per cent and withholding tax had also been imposed. This, he said, would increase cost of housing. 'Housing is already a serious problem being faced by people and the proposed raise in property tax would increase the cost of housing even further,' he added. He said that the ceiling of tax net had been increased from Rs400,000 to Rs600,000 which was still lowest. Mr Siddiqui was also critical of Rs12 billion allocation proposed for the agriculture sector, saying that it was insufficient. He pointed out that non-taxpayers' figure stood at 2.5 million whereas 1.5 million people appeared to be zero-return filers. He said that textile also needed incentives considering its $7bn exports. Such a kind of budget was very much expected, he said. The HCCI chief stressed on controlling prices of edibles. Regarding the allocation of Rs24 billion for the health sector, he said it showed that the per capita allocation of Rs100 was made whereas expenditures of medicines and consultation were too high. Mr Siddiqui suggested that solar power system should be made part of housing schemes for energy...