KARACHI: Convener of the FPCCI Central Standing Committee on Hardware Merchants, Nadeem Ahmed Kushtiwala, stated that peace in the region is vital for Pakistan to increase its share in global trade. He emphasized that the government should have incorporated suggestions from the business community in the federal budget to enhance exports, keep the wheels of industry running, and avoid entrusting local trade entirely to the grip of FBR officials.
This, he said, would ensure business growth, higher tax revenues for the FBR, and enable the government to meet its revenue targets. He expressed these views while addressing the fourth meeting of the Central Standing Committee on Hardware Merchants held at the Federation House. The meeting was also attended by Deputy Convener Shaukat Ismail, Tariq Rasheed, Tariq Younus, Hamza Nisar, and Faizan Nasir.
Kushtiwala pointed out that the budget lacks any notable tax incentives or facilitation plans for persons with disabilities, special individuals, and senior citizens. He further remarked that no projects or initiatives have been proposed for the development of key sectors such as agriculture, industry, manufacturing, and ports/shipping/logistics, the maritime economy, and exports. He criticized the absence of measures to address the ongoing brain drain, which is significantly harming the country, as nearly 90% of professionally educated individuals are migrating abroad.
Kushtiwala also noted that the budget does not increase allocations for essential public services such as education, healthcare, and access to clean drinking water, which are crucial for improving the general quality of life.
During the meeting, it was highlighted that no changes have been made to the Valuation Department’s ruling system. The high valuation rulings on a wide range of HS Code items are driving up landed costs, severely affecting the export sector; particularly the textile and apparel industries in competing in the international market.
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