Senior Vice President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Saqib Fayyaz Magoon, along with Vice Presidents Asif Sakhi and Aman Paracha, strongly criticized the recently presented federal budget in a joint press conference, calling it “directionless and devoid of any clear policy.”
Speaking in Karachi, Magoon stated, “This budget will not stop the flight of capital. There is no strategy for industrial growth, exports, or remittances.”
He added that Field Marshal Asim Munir had urged businessmen to bring back their capital from abroad, but this budget offers no incentives or roadmap to encourage repatriation of funds.
Magoon also highlighted that Finance Minister had earlier assured the FPCCI that “this would be the last IMF programme,” but the current budget paints a different picture. “If this budget is passed in its current form, industries and businesses will not be able to survive,” he warned.
FPCCI proposed the restoration of the fixed tax regime, but it was not incorporated in the budget.
The government has set a tax revenue target of Rs. 14,220 billion, but Magoon believes this is unrealistic unless “electricity rates drop to 9 cents and interest rates come down to 7%.”
Criticizing the power given to tax authorities, he said, “Any FBR officer can now arrest a trader or enter business premises and seize records. We completely reject this.”
The leaders expressed concern over increasing harassment of businesses, questioning how entrepreneurs can operate in such a hostile environment. They also took strong exception to a recent remark by the FBR Chairman who allegedly referred to traders as “thieves.” The FPCCI demanded a public apology.
Magoon concluded, “The government’s policies are beyond our understanding. How can business confidence grow when FBR officers are being rewarded with new cars while traders are being targeted?”
The FPCCI announced its categorical rejection of the budget and called for urgent revisions to protect the business community and economic stability.
