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 such as 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. sales tax.
President Saqib Rafiq has set the FBR as a revenue target of $2,200 billion more than the budget, but did not elaborate. The business community is concerned that instead of widening the tax net, it will burden existing taxpayers. The additional tax will have a significant 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%. The 10% higher tax rate announced in the budget has also been fixed, please withdraw it immediately. He also said that the move from an expected percentage tax on exporters to a full income tax regime of 29 percent of net income was a controversial move and the proposal needed to be revised.
Senior Vice President Muhammad Hamza Sarosh, Ex-President RCCI Mr. Finance and Revenue Minister Mr. Ali Perwaiz Malik, ICMA President Shahzad Malik, Rawalpindi Tax Bar Association President Mr. Faraz Fazal were also present on the occasion.
