Business Recorder
KARACHI: Federal B Area Association of Trade and Industry (FABATI), President Sheikh Tahseen has demanded that the new federal budget be prepared under the supervision of economists and representatives of the business community and said that the opinions of the trade and industrial sectors should be included in the federal budget. He suggested that the Federal Ministry of Finance form a special team of economists, senior representatives and experts associated with industry and trade and consult them in the preparation of the budget. Sheikh Tahseen said that in order to enable industrial growth and competitiveness in global markets, heavy tax rates should be reduced in the federal budget because setting a target of about Rs 18,000 billion in tax collections in the federal budget would be contrary to the ground realities. The President of FABATI said that the revenue levy on petroleum, capto power plants should be reduced so that exporters can compete with their rival countries in Asian markets. He said that a special package should be announced in the budget for the development of small, medium and cottage industries. He advised policymakers to avoid imposing new taxes worth around Rs 500 billion in the federal budget, saying that super tax is a major obstacle to industrial development and should be removed in the new budget. He said that the tax regime needs to be overhauled to achieve the annual targets of FBR and exports. Copyright Business Recorder, 2026
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