RAWALPINDI: Traders from Rawalpindi expressed dissatisfaction over the budget 2024-25, particularly the imposition of additional taxes on existing taxpayers. They warned of a series of protests across the city and country if taxes are not withdrawn.

A consult ative meeting was held at the Rawalpindi Chamber of Commerce and Industry on the impact of the recently passed fiscal Budget 2024.

The business community expressed concerns regarding the potential closure of businesses and industries as a result of the proposed budget measures.

The budget includes a significant increase of 40pc in the revenue target, which places an additional burden on existing taxpayers.

RCCI group leader Sohail Altaf expressed concerns regarding the impact of the budget on various stakeholders, including shopkeepers and industries.

He cautioned that instead of implementina reformsand devising a road map for progress and increasing exports, the government has disincentivisedthe industry, especially by bringing exporters into the Normal Tax Regime as opposed to the Final Tax Regime previously.

He termed the budget regressive and inflationary along with reducing disposable income of businesses as well as salaried class.

Representatives from the ICMA and tax bar associations provided a comprehensive overview of the measures outlined in the budget, including tax rates, FBR additional powers, penalties for filers, non-filers, and late filers, double taxation, and advance tax.

Participants expressed strong opposition to the anti-business measures introduced. Concerns were raised regarding the potentially adverse impact of these measures which could lead to business closures. Moreover, objections were raised regarding the substantial powers granted to the FBR in terms of the Tax Fraud Investigation Unit and rising electricity costs. The participants highlighted that the creation of the fraud unit would lead to further harassment of the existing taxpayer.

The decision was made to seek the support of thevarious trade organisations and chambers across the country in preparation for a potential nationwide strike, emphasising that the budget was lacked consultation with relevant stakeholders and ignored ground realities.

RCCI President Chamber Saqib Rafiq informed that a charter of demands would be presented to the government prior to any call for organised protests and strikes. Senior Vice President Muhammad Hamza Sarosh, Vice President Faisal Shahzad, former presidents, Executive Committee Members, women members and RCCI members were also present on the occasion.

Representatives from the Anjuman e Tajran, Sheikh Siddique, Shahid Ghafoor Piracha, Sheikh Hafeez, Arshad Awan, Raja Jawad from Gujar Khan, Asif Idrees, leaders of different markets, representatives from the Tax Bar Associations were present at the meeting. Key individuals from various sectors and industries, including poultry, pharmaceuticals, mobile, furniture, travel and tourism, stationery, marble, construction, property, gems, and jewelry, were also in attendance.