SCCI Presents Budget Proposals for Fiscal Year 2025-26

The Sarhad Chamber of Commerce and Industry (SCCI) has put forward its budget recommendations for the upcoming fiscal year 2025-26. The SCCI has requested the government to streamline taxes through reductions to an optimal level, expand the tax base, and avoid introducing new levies.

The SCCI also advocated for reduced duties on raw material imports and more straightforward taxation procedures. The chamber highlighted the necessity for a dedicated budget to support the expansion of small and medium-sized enterprises (SMEs).

The proposed budget included provisions for offering accessible loans to SMEs, particularly for startups and female business owners, to promote their involvement in national economic advancement.

Furthermore, the chamber has called for a unique financial relief package, including tax exemptions for the next five years, specifically designed for Khyber Pakhtunkhwa, which has been affected by conflict.

Fazal Moqeem Khan, the president of the SCCI, stated that the budget should accurately represent government policies and be beneficial for both the public and businesses. He noted that this budget, arriving during an economic recovery, would chart the course for the future, emphasizing the importance of establishing a reliable system for reducing electricity costs.

The SCCI president urged the government to implement fresh policy initiatives to promote a documented economy, which would boost tax revenue and ensure steady growth. He stressed that tackling unregistered and illicit business activities would greatly benefit the national economy and that incorporating the informal economic sector into the formal economy is crucial.

Fazal Moqeem highlighted the importance of lowering electricity and gas tariffs and encouraged the government to prioritize renewable energy sources to significantly lower production costs and enable swift economic recovery. Regarding solar energy policies, he suggested that they should be created to protect the interests of both the government and consumers and advocated for the cancellation of all agreements with Independent Power Producers (IPPs).

The SCCI chief emphasized that synchronized policy execution via the Special Investment Facilitation Council (SIFC) and appropriate budgetary actions are vital.

During a pre-budget session at Peshawar University, Fazal Moqeem Khan stressed the need to further support the industrial sector. He strongly endorsed the privatization of struggling State-Owned Enterprises (SOEs), asserting that it could provide long-term stability to the government’s financial and budgetary status.

Concerning the agricultural sector, the SCCI president recognized it as the foundation of Pakistan’s economy and suggested that the government take substantial steps in the budget to assist farmers. He prioritized the implementation of sustainable water management systems and the construction of new water storage facilities.

Regarding the construction sector, the president recommended that a specific package be announced in the budget to stimulate its revival. Fazal Moqeem emphasized that tariff policies should be designed to discourage imports and promote domestic products.