FPCCI slams govt for ignoring businessmen in mini-budget consultations

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday expressed concerns over not taking stakeholders in confidence to discuss the mini-budget, a statement said.

FPCCI president Mian Nasser Hyatt Maggo expressed concerns over the approach of the government for not taking the apex business, industry and trade body of Pakistan into the consultative process over mini-budget; and, what will it entail! This effectively keeps all the stakeholders out of the loop, he added.

The FPCCI president said that there are strong rumours that the government will also facilitate only the selected vested interests in the planned mini-budget next week.

If all the measures demanded by the International Monetary Fund (IMF) are implemented, the people of Pakistan and the Small and Medium Enterprises (SMEs) will have to endure an enormous burden of Rs800 billion, he added.

Maggo, referring to the announcement made by Finance Minister Shaukat Tarin, said that there is no way the current state of economy can withstand an additional burden of Rs350 billion in taxes and it will collapse; and, the government would have to take the stakeholders into the consultative process to rekindle the process of economic growth after much damage.

The FPCCI chief said the finance minister should immediately start the consultative process with the FPCCI over the planned mini-budget. The apex trade body has always kept the doors open but the government has never paid any heed to the mutually-beneficial proposals put forward by the FPCCI, he added.

Maggo said that the FPCCI sent its proposals on taxation reforms and broadening the tax base, way back in February 2021; instead, the government has incompetently and insensitively embarked on the path of tax pyramiding.

He reiterated that no more taxes can be extracted from the existing taxpayers. “We should reach out to alternative multilateral financing sources and friendly countries for bilateral financing,” he added.

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