PESHAWAR: Acting President Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI), Zia-ul-Haq Sarhadi termed the federal budget for the fiscal year 2012-13 as "balanced".
Addressing a press briefing for reaction on federal budget, the KPCCI president said government has made commendable announcements in the budget, which are appreciable and will have positive impact on the economy of the country.
Zia Sarhadi said reduction of sales tax percentage from 17 to 16 is a welcome decision.
He added increasing amount from 25000 to 50000 for implementation of withholding tax on cash withdrawals from banks will benefit small traders.
He said this step was also proposed by KPCCI in its budget proposals.
KPCCI president also hailed reduction in withholding tax from one percent to 0.5 percent on export.
The decision, he continued, will help in increasing export of the
Zia Sarhadi also lauded announcement about 20 percent adhoc relief to government employees. He said present government is regularly announcing raise in salaries due to price hike of essential commodities.
He demanded of the government to made further reduction in Custom duty, which is reduced in federal budget from existing 35 percent to 30 percent. Similarly, the government should increase amount set for developmental schemes.
KPCCI president also hail increase in limit of amount from tax exemption from Rs300,000 to Rs400,000 and demanded of the government for further increase it. He also appreciated reforms announced by government in Income Tax. (APP)