KARACHI: Some businessmen have extended a cautious welcome while others have labelled it a “camouflage budget” due to its unrealistic targets and the lack of meaningful relief for both the business community and the general public.

Pakistan Business Council Chief Executive Ehsan Malik said that given the constraints of a fragile economy, the need to remain within the tramlines of the International Monetary Fund (IMF) programme, deliver fiscal balance, and avoid a repeat of the boom-and-bust cycle, it was unrealistic to expect significant relief from the budget.

“Yet, we should be grateful for small mercies. The salaried employees, especially those with lower pay, will benefit. Another major positive is the proposed restriction on non-filers from conducting high-value transactions or travelling abroad, he said.

Despite repeated statements on the importance of exports, there is no provision in the budget to offer immediate support. Exporters will continue to be subject to tax under the normal tax regime on profit or a minimum turnover tax, whichever is higher, he said.

Say no concrete plan to broaden tax base, boost exports and spur industrialisation

Malik said the clear winner from the budget is the real........

© Dawn Business