ABC lauds govt for presenting ‘forward-looking' budget
KARACHI: The American Business Council of Pakistan (ABC) appreciates the Government's efforts in presenting a forward-looking Federal Budget 2025-26, which includes encouraging steps to support industrial growth, streamline tariffs, promote digital enforcement, and foster an export-led economy.
Measures such as the rationalization of customs duties, removal of certain regulatory barriers, and enhanced digitalization to curb tax evasion reflect the Government's commitment to facilitating business and improving economic efficiency.
ABC is also grateful to the Government of Pakistan for accommodating some of our proposals in the Budget 2025-26, which we believe will contribute to further stability in the economy and reinforce investor confidence.
While these initiatives are promising, ABC believes that certain aspects of the budget may merit further review to fully unlock Pakistan's investment potential. The increase in withholding taxes on services, the introduction of new levies on digital transactions, and the phased withdrawal of incentives for renewable energy could create unintended cost pressures for businesses, particularly in emerging and sustainability-focused sectors.
Additionally, the proposed levy of Rs. 2.5 per litre on petrol and diesel will likely place an additional cost burden on both businesses and consumers, potentially fuelling inflation and increasing operational expenses.
Furthermore, while we acknowledge the tax relief extended to the salaried class, we feel that this relief is still limited and should be further enhanced to genuinely ease the financial burden on the working population. We also respectfully suggest that the reduction in super tax should be more substantial and applied across the corporate sector, rather than being restricted to businesses within a specific turnover range.
Broadening this relief would better support Pakistan's ambition to encourage investment and growth across industries.
ABC remains committed to working alongside the Government of Pakistan to support policies that drive sustainable, inclusive economic development and foster a competitive business environment.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
15 hours ago
- Business Recorder
‘Hum Sab Pakistan': LCCI holds interfaith moot to express unity
LAHORE: The Lahore Chamber of Commerce & Industry on Thursday organised 'Hum Sab Pakistan' Interfaith Conference to express national unity and interfaith solidarity. Provincial Minister for Minority Affairs Ramesh Singh Arora, LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, former LCCI president Muhammad Ali Mian, former vice president Faheem ur Rehman Saigol, senior political figures including Liaqat Baloch, Khurram Nawaz Gandapur, Chairman of LCCI Standing Committee on Interfaith Harmony Sardar Bishan Singh Bedi and religious scholars spoke on the occasion. Provincial Minister Ramesh Singh Arora said that holding such interfaith events is a need of the hour. He said that Pakistan is a country for all its citizens, regardless of religion or ethnicity. The efforts of the Lahore Chamber in advancing the cause of interfaith dialogue and harmony are truly commendable. It is time for all segments of society to unite and play a proactive role in building an atmosphere of respect, equality and peace. LCCI President Mian Abuzar Shad said that the Lahore Chamber of Commerce and Industry is committed to promote interfaith harmony and will continue to lead initiatives that bring different communities together under the banner of peace and patriotism. He said that we salute the armed forces of Pakistan for their unmatched sacrifices in protecting our beloved homeland. At the same time, we also recognise and deeply value the contributions of religious minorities in the nation's development. Their role in the country's progress, democracy and social fabric is nothing short of remarkable. He said that a strong economy cannot be built in isolation from a strong and cohesive society and that both are essential for long-term national stability. LCCI Senior Vice President Engineer Khalid Usman stressed the need for unity. He said that we may belong to different faiths but we are united by one identity, Pakistan. Our purpose must be collective progress, national strength and peace for all. He said that mutual understanding and respect are the building blocks of a just and prosperous society. Former LCCI president Muhammad Ali Mian urged all segments of society to come together to build a stronger and more peaceful Pakistan. He said religious harmony is a necessity for national development. We must all work together to ensure that our future generations inherit a tolerant and united country. Chairman of the Standing Committee on Interfaith Harmony, Sardar Bishan Singh Bedi, praised LCCI's leadership for taking tangible steps to bring people of different faiths together. He highlighted how economic growth, communal peace and religious coexistence are interlinked and should be pursued together. Copyright Business Recorder, 2025
Business Recorder
15 hours ago
- Business Recorder
CBD Punjab attracts Rs2.288bn through plot auction
LAHORE: The Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab, attracted a significant investment of Rs 2.228 billion by auctioning four residential plots in CBD NSIT City. Held under the banner of NSIT Residencia, an exclusive residential enclave within Pakistan's first and largest IT city, the auction showcased four residential plots, each approximately 4.5 kanals in size. According to a spokesman of the Authority, a total of 186 bids were submitted during the auction, underlining the rising demand for high-value residential properties within this state-of-the-art development. Each plot offered during the auction received considerable attention. Plot R-02-05 was successfully sold to Zameen Developments for 464.38 million, achieving a highest bid of 107 million per kanal. Plot R-02-06 was awarded to Umar Safdar at a price of 614.44 million, while Plot R-02-07 was secured by Zameen Developments for 619 million. Plot R-02-08, the final parcel in this auction cycle, was acquired by Muhammad Anwar Mian Noor for 601.005 million, with the highest bid recorded at 154.5 million per kanal. Speaking on the occasion, CEO CBD Punjab, Imran Amin, said, 'This auction reaffirms the confidence investors have in CBD Punjab's vision. The overwhelming interest from both domestic and international stakeholders reflects our commitment to sustainable, high-impact development that transforms urban Punjab into an engine of economic growth.' Copyright Business Recorder, 2025
Business Recorder
15 hours ago
- Business Recorder
NA Speaker, Fazl discuss federal budget
ISLAMABAD: National Assembly Speaker Sardar Ayaz Sadiq and Jamiat Ulema-e-Islam (JUI-F) Chief Maulan Fazlur Rehman discussed Federal Budget 2025-26 and agreed on the need to ensure budgetary allocations for the development of smaller provinces, economic stability, and public welfare projects. Speaker Sadiq met with JUI-F Chief Maulana Fazl in his chamber at the Parliament House on Thursday. During the meeting, a detailed discussion was held on the overall political situation of the country, the upcoming federal budget for the next fiscal year, and the emerging regional scenario in light of the Iran-Israel conflict. The meeting discussed Federal Budget 2025-26. Both leaders agreed on the need to ensure budgetary allocations for the development of smaller provinces, economic stability, and public welfare projects. The NA speaker noted that, for the first time in parliamentary history, parliamentary committees have been made more active in the budget proposal process so that constructive input from all stakeholders can be incorporated. Maulana Fazl expressed deep concern over the Iran-Israel war, stating that "in the current situation, the entire Muslim Ummah must demonstrate unity, solidarity, and foresight to ensure that efforts for peace in the region are not undermined." He emphasised that Pakistan should further intensify its diplomatic efforts to play a reconciliatory role within the Muslim world. On this occasion, Speaker Sadiq stated, "Pakistan has openly condemned Israeli aggression and reiterated its friendship and solidarity with Iran. We have effectively presented our stance regarding Palestine and Iran on all international forums, and the Parliament stands in complete support of this position." He stated that, all political parties must speak with one voice in the national interest to strengthen Pakistan's foreign policy on the global stage. Maulana Fazl congratulated Speaker Sadiq on performing Hajj and expressed best wishes for him. Governor of Balochistan Jaffar Khan Mandokhail was also present during the meeting. In conclusion, both leaders reaffirmed their commitment to promoting democratic traditions, strengthening national unity, and continuing joint efforts for sustainable peace in the region. Copyright Business Recorder, 2025
