Mini budget: stakeholders kept out, says FPCCI

Mian Nasser Hyatt Maggo, Chairman of the FPCCI, expressed serious concerns over the government’s approach of not involving Pakistan’s umbrella business, industry and commerce body in the consultation process. on the mini-budget; and, what does that imply! This effectively keeps all stakeholders out of the loop, he added.

The FPCCI chairman said there are strong rumors that the government will also facilitate only special interests selected in the mini-budget slated for next week. If all the measures demanded by the IMF are implemented, the Pakistani people and SMEs will have to bear a huge burden of Rs. 800 billion, he said.

Mian Nasser Hyatt Maggo, referring to the announcement made by Finance Minister Shaukat Tarin, said there was no way the current state of the economy could bear an additional burden of Rs. 350 billion taxes and the economy will collapse; and, the government should involve stakeholders in the consultation process to revive the process of economic growth after extensive damage.

Mian Nasser Hyatt Maggo said the finance minister should immediately start the consultation process with the FPCCI on the planned mini-budget. The FPCCI has always opened the doors of the representative trade body of Pakistan; but, the government has never paid any attention to the mutually beneficial proposals that we have put forward, he added.

Mian Nasser Hyatt Maggo said the FPCCI sent its proposals on tax reforms and broadening the tax base in February 2021; instead, the government has embarked incompetently and insensibly on the path of the tax pyramid.

Mian Nasser Hyatt Maggo, as chairman of the FPCCI, reiterated that no more taxes can be levied on existing taxpayers. We should reach out to alternative multilateral funding sources and friendly countries for bilateral funding, he added.

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