Peshawar: Federation of Pakistan Chambers of Commerce and Industry, Former Vice President Riaz Khattak appreciated the economic reforms package announced by Finance Minister Asad Umar and said this package will give new breath to Industry and the Capital Market. “While taking to media on Friday Riaz Khattak said the package has accommodated the recommendations of the business community,” He said a cut in income tax rates for banks’ profits derived from small and medium enterprises, agriculture, and low-cost housing financing would encourage investment and business expansion Removal of or cut in regulatory duty on 150 items will bring down the cost of doing business and will also discourage smuggling and enhance competitiveness of the industry,” he added. He said tax exemption facility to the industries in special economic zones was a good step but the same facility should be given to the industrial expansions The Senior Official also appreciated the measures in the mini budget regarding lifting the ban to purchase vehicles on non filers up to 1300cc and removing the embargo of tax on withdrawal the amount from Rs 50,000/. Including abolished the super tax on non banking companies as well on agriculture sector RD is reduced from 17 % to 5% on all Diesel engines which utilised in agriculture. He also view FPCCI needs to be work closely with the government, so that business community point of view may be deleiverrd to government timely, still KP industry face some issue which needs to addressed too by the provincial government. He further added by the end of this year we will change the system of FPCCI Regional Office KPK on the lines corporate structure.
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