TAXILA: Senior Vice President of the Rawalpindi Chamber of Small Trade and Small Industry (RCSTSI) Naeem Ashraf on Wednesday said the budget had failed to address the needs of small and medium enterprises, which were the backbone of the economy.

Addressing a press conference he said the government had not consulted the major stakeholders and taxpayers on budget.

Mr Ashraf said that the current scenario, and the economic situation in the aftermath of Covid-19 and unfavorable government policies, had made the survival of small traders and businesses challenging.

The budget could not provide relief to small and medium enterprises, combined with high electricity, petrol, and gas prices. It will limit Pakistan’s exports and lead to a significant economic decline.

“The talent of Pakistan, including our youth, is also migrating due to the unfavorable business environment,” Mr Ashraf said.

“Instead of imposing more taxes on existing taxpayers, the government should focus on expanding the tax net and reducing expenses by adopting a more austere approach, like other nations,” he added.

Mr Ashraf urged the government to provide immediate relief to small and medium businesses to prevent an economic catastrophe.

Published in Dawn, July 4th, 2024