RAWALPINDI -Rawalpindi Chamber of Commerce & Industry termed the budget 2019-2020 as wooly and below expectations for trader community and expressed the hope that the measures announced by finance ministry would help in documenting the economy and broadening the tax net.

Giving his reaction on the proposed budget presented by the State Minister on Revenue Hammad Azhar before the National assembly on Tuesday, the RCCI President Malik Shahid Saleem said that a number of good decisions had been made part of the budget speech but a comprehensive reaction on this subject would be announced later after thoroughly studying the proposed finance document.

The RCCI President said that trader community was having great expectations from the budget but the relief for masses was not up to the mark. He said that lifting of bar on non-filers for property purchase is laudable as it will help to boost the real estate sector. However, we have concerns on duty imposed on cement as it will double the construction cost.

Malik Shahid Saleem said that government had set 5,545 billion revenue target which is very unrealistic keeping the fact that it already facing short fall of 400 billion.

The RCCI President also lamented on increase in sales tax on poultry, cooking oil and said that this will disturb kitchen budget of salaried class.

He also demanded reverting increase in sales tax on CNG and federal excise duty imposed on cars up to 1,000 CC.

Malik Shahid Saleem also urged FBR and Finance ministry to make even treatment while placing slabs for income tax on salaried and non-salaried class. He lauded allocation for PSDP and CPEC projects as this will help to run economic activities and industry growth. He also appreciated allocation for the HEC.

Meanwhile, Rawalpindi Traders Association (RTA) President Sharjeel Mir rejected the budget and said that the PTI government failed to deliver as it had not announced any incentive for the common man.

He said that edibles would get out of reach of the common man and new taxes would make impossible for the people to purchase milk for their children. He said that FBR would be given free hand to tease the business community and the taxes would make it difficult to do business.