Speakers at the National Budget Conference 2024-25 organized by ICMA International in Islamabad demanded the withdrawal of anti-business proposals in the Federal Budget 2024-25.
Speakers including President Saqib Rafiq, Chairman of RCCI Group Sohail Altaf and Zahid Latif Khan (Chairman of ISE REIT) shared the problems of the business community and pointed out the weaknesses in the 2024 budget. , the burden on the wage-earning class and entrepreneurs, the impact of capital gains tax on Exchange, and the increase sales tax.
President Saqib Rafiq has identified the FBR as an additional revenue target of $2,200 billion in the budget, but did not elaborate. The business community is concerned that instead of widening the tax net, it will burden existing taxpayers. Additional taxes will have a significant negative impact on GDP growth and inflation in 2024-25, he said.
Group leader Sohail Altaf said the slab for non-salaried class has been increased from 35% to 45%. A 10% super tax rate has also been fixed, move announced in the budget, we request immediate withdrawal. He also said that moving from an expected percent income tax on exporters to a full income tax regime at 29 percent of net income is a controversial move and a proposal that needs to be revised.
Senior Vice President Muhammad Hamza Sarosh, RCCI Past President Mr. Minister of Finance and Revenue Mr. Ali Pervaiz Malik, President of ICMA Shahzad Malik, President of Rawalpindi Tax Bar Association Mr. Faraz Fazal also attended the event.
