ISLAMABAD: The business community has hailed the federal budget 2015-16 saying the budget shows inclination of finance minister Ishaq Dar to development, which would unleash business activities and boost employment, collections and forex reserves.
The businessmen appreciated the incentives announced for agriculture, construction and power sector investors and hoped that these measures would help the economy perform better.
"Finance Minister has committed to clear all the outstanding sales tax refunds by August 31, 2015, which was laudable," said president of Islamabad Chamber of Commerce and Industry (ICCI) Muzamil Hussain Sabri in a statement issued here on Saturday.
However, he asked Federal Board of Revenue (FBR) to take serious measures to honor this commitment.
Abdul Rauf Alam and Tariq Sadiq, former presidents of ICCI said the reduction in interest rate to 6 percent on PM's Youth Loans, providing interest-free loans for solar tube-wells and increasing allocation for water resources were laudable steps that would prove beneficial for the economy.
They said that government has taken positive step by increasing federal PSDP budget to Rs 700 billion as it will accelerate pace of developmental projects.
Meanwhile, President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain on Saturday said Rs 4.51 trillion federal budget will trigger the long-awaited national development.
He said that a better budget was not possible at this critical juncture to strengthen economy and end dependence on donors.
Mian Zahid Hussain said that taxes and defence are a must to keep the country safe and there is no country in the history of the world without tax system.
The veteran business leader lauded the enhanced defence allocation which was necessary to check terrorism and safeguard economic corridor from enemies.
He also lauded allocation of Rs 3.5 billion to the safety of Chinese working on different projects in Pakistan including economic corridor.
Mian Zahid Hussain lauded Prime Minister Nawaz Sharif's interference in the budget to hike PSDP by 20 percent or Rs 158 billion and allocation of Rs 163 billion for two LNG based power plants. – APP
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