Pakistan News / Budget 2012-13 Updates > The Union of Small and Medium Enterprises (UNISAME) on Friday appreciated the federal government’s reformative steps in the budget to facilate business sctor, terming it helpful in boosting economy.
The enhancement of tax exemption limit to Rs 400,000, the reduction of 0.5% in turnover tax, the limit of bank cash withdrawal exemption from Rs 25000 to Rs 50000, the reduction of custom duties on raw materials for medicines, increase in salaries of government servants by 20% and rationalization of federal excise duty, sales tax and custom duties on some items was highly appreciated by the union.
In a press release the President UNISAME Zulfikar Thaver said some of their demands have been accepted for which they are thankful that the finance minister Dr Abdul Hafeez Shaikh.However he said the SME sector expected that an economist like Dr Hafeez Shaikh would think beyond this and bring about dynamic changes to stimulate the economy.
He said that the SME sector expected a budget giving incentives for investment to resolve the unemployment issue, and reduction of inflation.
He said the country is importing items which can be manufactured in Pakistan and the FM should have given incentives for the manufacture of import substitution items, facilities for setting up alternative energy systems, encouragement for agri based industries and increasing exports of non traditional items.
It was also expected that as an economist he would envisage measures for the appreciation of the Pakistani rupee, industrialization, green revolution and announce schemes for the promotion and development of the economy. (APP)