Three major business associations have condemned the self-imposed decisions of the Senate Budget Anomalies Committee and decided to make joint efforts against anomalies in the federal budget 2021-22.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce & Industry (KCCI) and Pakistan Yarn Merchants Association (PYMA) have asked for a new meeting to review the budget anomalies, said a statement issued on Tuesday.
Expressing strong reservations over the Senate Budget Anomalies Committee, FPCCI President Nasser Hyatt Maggo said that the self-imposed decisions of the committee are not acceptable to the business community as the committee made decisions on budget enamels without taking the members into confidence and without convening a meeting. “This is totally unfair so we will all struggle together,” he said.
He said that a letter has been sent by FPCCI to Prime Minister Imran Khan, wherein the prime minister has been apprised of the concerns of the business community. KCCI President Shariq Vohra, while agreeing on the yarn and textile anomalies in the federal budget 2021-22, said that Karachi Chamber is with the traders in this struggle. “We request the government to address the issues facing the yarn sector on a priority basis. KCCI will extend all possible cooperation to the yarn traders,” he said. SVC PYMA Hanif Lakhany and PYMA Vice Chairman Farhan Ashrafi appreciated the role of BMG Chairman Zubair Motiwala and FPCCI President Nasser Hyatt Maggo on their serious efforts in solving the problems of the business community.
“The government had announced in its budget speech that the customs duty on yarn would be increased to 9 percent and the additional customs duty, RD on yarn, would be abolished. According to reports, the government has abolished additional customs duty on yarn and the RD has also been removed but the customs duty has not been reduced as promised Which is 11 percent,” they mentioned.
