Impact of Budget 2024-25: NKATI urges Govt intervention for SMEs facing closure.

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Faisal Moiz Khan, President of the North Karachi Association of Trade & Industry (NKATI), has called upon Prime Minister Shahbaz Sharif, Finance Minister Muhammad Aurangzeb, and Commerce Minister Jam Kamal to take immediate steps to safeguard small and medium enterprises (SMEs) from imminent closure. He emphasised the urgent need to alleviate the burden of taxes imposed in the latest budget, warning that failure to do so would lead to widespread shutdowns across SME sectors.

Expressing disappointment with the budget’s direction, the NKATI President noted that the industrial community had anticipated measures to promote economic growth rather than strict adherence to IMF directives. He highlighted concerns that heavy taxes, especially on SMEs, could severely impact business and industrial activities, exacerbating economic challenges.

“The government must recognise that operational industries generate revenue and employment,” emphasises Khan, underscoring SMEs’ critical role in sustaining the economy. He questions the feasibility of tax collection if industries were forced to close down, stressing the importance of SMEs in the economic landscape.

Appealing for immediate action, Faisal Moiz urges tax reductions and lowered electricity and gas tariffs to reduce production costs. He warns that without these adjustments, SMEs face inevitable closure, leading to substantial revenue losses and increased unemployment. Khan stresses that revising tax policies is crucial to maintaining industrial operations and steering the country away from economic crises.

 

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