No visible cut in taxes in Budget to revive business, create jobs: APBF.

ISLAMABAD -- The All Pakistan Business Forum (APBF) has said that Pakistan needs millions of jobs annually but the government has not taken any concrete step in federal budget for job creations for the unemployed youth.

The APBF had submitted proposals with the federal government, urging it to come up with a relief-oriented budget in the face of Covid-19, but unfortunately no such announcement in this regard was made.

Commenting on the 2020-21 Budget, APBF President Syed Maaz Mahmood termed it a bubble budget, apparently feeling good but does not contain substance. He condemned the economic manager's calculator approach in finalizing the budget, which focused more on revenue collection and less on the fulfillment of its major objective of giving a long-term direction to the economy.

He stated that the Forum had demanded of the government to take concrete steps in the upcoming Federal Budget 2020-21 to keep industrial wheel running especially of SMEs, saving the livelihood of millions of workers associated with the small industries. 'The government will have to make visible reduction in taxes in the budget to help revive the businesses, which are near to bankruptcies owing to prolonged worldwide lockdowns amidst coronavirus.

The major focus should have been on greater relief to the documented and registered SMEs.'

He said that with a view to save the economy from the impacts of the slowdown due to the COVID-19 the government should announce special incentives for a cash-strapped Small and Medium Industry, which represents more than 90 percent of around 3.2 million business enterprises in Pakistan.

We again asks the government...