Satisfaction of business community about the economic policies of the government is imperative for the economic growth because in a satisfied state of mind, the businessmen and exporters may conduct their professional duties in a balanced manner. Higher level trade and economic activities in the country can bridge the current account and trade deficit therefore it is imperative for the government to address the reservations of the business community on some clauses of the federal budget 2019-20.
Without addressing these reservations, the economic wheel of the country can’t move forward smoothly. It is a sad aspect that traders and businessmen have voiced against some of clauses of the budget especially related to tax and others. Business representative bodies have taken to streets in some cities to express their concerns over these clauses. Therefore in a bid to maintain business friendly conditions in the country, the government must address concerns and grievances of traders as budget 2019-20 carries multiple anomalies.
Every sector, from industry to trade, all suffering due to high cost of doing business as measures taken in budget are not in the favor of business community.The business community has been pushed deep into the quagmire of uncertainty, higher taxation, regulatory duties and price hike in Gas and electricity tariffs.
Traders appreciate certain measures taken in the budget with respect to the documentation of economy but ground realities displayed the picture otherwise. The license, registration, CNIC, Sale tax registration and other measures will open the gate of corruption in the name of monitoring and registration, fear. Similarly, the Punjab government has increase to transfer and token fee for car registration, this will disturb the middle class and we would request Punjab Government to revise its decision.
Therefore the government must take stakeholders on board and should convene immediate meetings of trade representatives to address their grievances. The rise in gas, electricity tariff will hamper the purchasing power of middle class and warned that the business activity will be slowed down in coming days due to high cost of doing business and burden of new taxation.