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Budget seen as satisfactory (Updated at 0030 PST)

KSE appreciates reduction in number of taxes
KARACHI: Chairman of the Karachi Stock Exchange, Arif Habib, on Saturday, appreciated the reduction of a number of taxes and withdrawal of wealth tax.

He said the Finance Minister had not explained from where Rs. 86 billion will be generated in the CBR revenue collection target. He said KSE had suggested to reduce the tax rate but the imposition of 5 % surcharge will increase the overall economic burden on the tax payers.

He said the reduction in the interest rate, exemption of one more year for the announcement of the right share and compulsory dividend are good steps for the stock market. He said such steps will leave a good impact on the overall corporate sector.

Incentives for Software industry will help boost its export
KARACHI: A Director of one of the leading software exporting company, Syed Asim Zafar, said on Saturday he hoped that the country would see an Information Technology revolution in the coming years with the steps announced by the Finance Minister in the federal budget 2000-2001.

He said that the abolition of customs duty on import of computer parts and other incentives for software exports were in line with the recommendations given by the software exporters.

He hoped that with the fiscal incentives and facilities for software exports, the country's exports would further increase. He said incentives in the shape of exemption in income tax to the software exports is a good step, which would encourage IT exporters.

Abolition of Wealth Tax a positive step: S.M. Munir
KARACHI: Former President, Federation of Pakistan Chambers of Commerce and Industry, S. M. Munir welcomed budget 2000-2001 proposals and hoped it would bring a confidence in the business community.

Munir said that abolition of Wealth Tax is an appreciable step and it was a longstanding demand of the countrymen. Most of the developing countries have already abolished Wealth Tax, the government has taken a positive step by withdrawing the Wealth Tax. The over-all budget was positive, he remarked.

Kiryana Merchant hails various steps announced in Budget
KARACHI: Chairman All Pakistan Kiryana Merchant Association Raees Ashraf Tar Mohammad has lauded various steps announced in the federal budget 2000-2001.

He said reduction in the tax rate for unregistered importers from 3 percent to 1.5 percent would greatly help those manufacturers and exporters who were buying from unregistered suppliers.

He said a large number of unregistered suppliers would now take benefit of this reduction. Appreciating the reduction in the maximum Customs duty rate, Mr Tar Mohammad said this will largely benefit the user of imported food items which are not produced in the country.

Appreciating the withdrawal of Wealth Tax, he said it was unnecessary and forcing people to evade their wealth. Ex-chairman SITE Assoc. too has welcomed the scrapping of wealth tax. Majyd Aziz on Saturday welcomed the elimination of wealth tax and said that this step was long-awaited by the business community. He said the government's assurance on calculation of gross profit (GP) rate for income tax collection would benefit business community a lot.

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