Major trader bodies reject budget

Major trader bodies reject budget

Major trader bodies reject budget

Major trader bodies reject budget

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ISLAMABAD: The business community and traders’ representative bodies across the country responded to the Pakistan budget 2024-25, which has a total outlay of over Rs 18 trillion, presented on Tuesday.

The All Pakistan Anjuman-e-Tajran and chambers of commerce in major cities including Karachi, Faisalabad, Sialkot, and Rawalpindi rejected the budget, calling it anti-trader.

Ajmal Baloch, President of All Pakistan Anjuman-e-Tajran, criticized the government for increasing taxes by 45 percent and imposing an 18 percent sales tax on mobile phones, describing it as a harsh measure. Baloch also pointed out that the budget did not include any steps to reduce what he termed as the government’s ‘unnecessary’ expenditures.

He further condemned the 18 percent sales tax on leather goods, warning that it would lead to a significant rise in shoe prices.

Earlier, Finance Minister Muhammad Aurangzeb presented Pakistan’s budget for the fiscal year 2024-25, amid protests from opposition lawmakers of the Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council.

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The federal government proposed eliminating sales tax exemptions and concessions on various items, including mobile phones, copper, coal, paper, and plastic scrap, according to ARY News.

In his budget speech on the National Assembly floor, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb proposed a standard sales tax rate of 18 percent on these items. Additionally, the government suggested increasing import duties on luxury cars worth over $50,000 and on steel and paper products.

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