Islamabad: President of Islamabad Industrial Association (IIA) Muhammad Ahmed said that budget is average for industrialist community. Lauding budget has said that IT, SME, solar and agro-based industries will take boost after getting tax holidays, reduced tax tariffs and minimum compliance with documentation.

Speaking at post-budget press conference, Waheed said that Super Tax had been imposed across board on income above Rs 150 million, which was previously Rs 300 million and only applicable to ten sectors, including banking which is against claim that no new tax has been imposed.

Leaders of IIA Usman Shaukat, Khalid Jaweed, Mian Akram Farid, Atif Ikram Sheikh, Tariq Sadiq, Mian Waqas Masood, Zakria A Zia, Aamir Waheed, Mirza Muhammad Ali, Malik Sohail Hussain, Naeem Paracha were present.

He said that energy tariff for industrial sector is very high, resulting in an enhanced cost of doing business, compelling this sector to use energy-efficient devices, but duties and taxes have been increased, which could be better.

He added that investors of erstwhile FATA and PATA will be able to get their investments recovered because of extensions of income tax and Sales Tax exemptions for one year.

He noted that an extension of income tax exemption for one year was granted for ongoing REIT projects, enabling them to complete halted real-estate sector.

Published in The Daily National Courier, June, 12 2023

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