Union of Small and Medium Enterprises seeks support of Federation of Pakistan Chambers of Commerce and Industry for its budget proposals sent to government
Karachi, May 12, 2015 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) sought the support of the apex body of the business community namely the Federation of Pakistan Chambers of Commerce and Industry (FPCC and I) at the Federation House for its budget proposals sent to the government through the Small and Medium Enterprises Development Authority (SMEDA).
Abdul Rahim Janoo senior vice president FPCC and I welcomed Zulfikar Thaver president UNISAME, Tariq Baluch chief executive officer (CEO) Advans Pakistan Micro finance Bank, Rafique Suleman chairman Rice Exporters Association of Pakistan (REAP) and Kashif ur Rehman chairman FPCC and I standing committee for gems and jewellery producers, manufacturers and exporters.
Rahim Janoo said it is very important to facilitate the micro, small to medium sized entrepreneurs as they are the back bone of the economy and the FPCC and I is well aware of their important role in self employment, income generation and value addition. He appreciated the role of SMEDA and UNISAME in the uplift of the sector and emphasized on facilitating the sector. He also stressed on the need to treat SME commercial exporters and importers in line with the manufacturers and said even they play an important role.
He offered the services of the FPCC and I for promotion of the sector for their conferences, seminars and exhibitions.
Thaver said UNISAME has proposed to the government to increase the tax exemption limit from Rs 400000 to Rs 600000 due to inflation. Te union has also urged the government to reduce the withholding tax on profit on savings accounts and term deposits to encourage savings and also urged the ministry of finance to increase the cash withdrawal limit up to Rs 100000 instead of Rs 50000 for withholding tax.
The union pointed out that the Association of Persons (AOP) are usually family concerns and separate tax is levied on partners and the firm which amounts to double taxation.
Secondly the rate of income tax on all enterprises must not exceed 20% to encourage investment.
UNISAME advocated the removal of duties and levies on energy generation devices and urged one window operation. It is very important that the government increases the scope of banking, insurance and leasing and promotes hire purchase, mortgage financing, warehouse receipt financing under collateral management systems at affordable mark up.
Tariq Baluch CEO Advans MFB endorsed the demand of UNISAME for enhancement of limit of MF banks to enable them finance the small sector also upto Rs 1 million and also requested for removal of all caps for financing the micro sector. He requested Rahim Janoo to introduce the Advans MF Bank to the several associations which come under the FPCC and I.
He also requested Kashif ur Rehman and Rafique Suleman to introduce their micro and small members to the bank and assured full support to the micro enterprises.
Rafique Suleman endorsed the demands of UNISAME for facilitating the SME sector and urged the government to make doing business easy and also enable reduction in cost of production. He emphasized the need for reviving the parboiled rice industry especially in Sindh and urged SMEDA to examine the cause of closure of the parboiled industry in Sindh.
For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Cell: +92-300-8245307, +92-321-8245307