BUILD hails some budgetary proposals

Business Initiative Leading Development (BUILD), a public private dialogue platform, said that private sector is alarmed because of the proposed ambitious revenue target that will discourage businesses.
In an instant reaction to the proposed budget, BUILD Thursday said that increase in tax for transformers is not welcome because industries require it for power source.
Citing the 7 per cent GDP growth target as an achievable target, BUILD said, "Political stability and increase in private sector investment is a must to achieve it."
"In order to achieve the vision 2021 target, by the year 2015-16 we will have to achieve at least 8 per cent GDP growth," the body also said in a press release. The budget for 2015-16 has some positive elements, but at the same time there are some issues which may hamper growth.
Public limited tax reduction at the rate of 2.5 per cent is a good decision while withdrawal of  upfront tax at source on treasury bond at the rate of 5 per cent,  reduced rate of capital machinery and higher import tax slabs, reduction of VAT for RMG sector compliance related items are positive steps, among others, it said.
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