The Pakistan Business Forum (PBF) expressed on Wednesday disappointment over the federal budget, saying that it offers no relief for the agriculture sector or the business community. According to details, Pakistan Business Forum Chief Organiser Ahmed Jawad said: "The budget once again fails to support the agriculture sector, contradicting the prime minister's stated vision.

How does the government plan to achieve the 4.5% growth target for agriculture without any concrete measures?”  He said that there were high expectations for a significant reduction in the super tax, but the relief provided was negligible—“akin to a pinch of salt in flour,” he said. Jawad lamented the new tax collection target of Rs14,131 billion, warning that it is likely to result in further inflation.

He added that no comprehensive programme was announced to broaden the tax net, a long-standing demand of stakeholders. The PBF appreciated the reduction in regulatory duty from 90% to 50%, calling it a "commendable" move. “This marks a major shift in the regulatory duty regime,” Jawad added. The forum also welcomed the reduction in Federal Excise Duty (FED) and withholding tax in the property sector, predicting it will bring some momentum to the real estate market.

Credit: Independent News Pakistan (INP)