LAHORE - Finance Minister Dr. Abdul Hafeez kept details of the budget speech hidden and it was was just a game word. GOVT is failed to pay any relief to common man and as well as Business community. This was statement of Acting President FPCCI Sheikh Abdul Waheed Sandal while commenting on the Federal Budget for the year 2012-13 announced by Dr. Abdul Hafeez Sheikh Federal Minister for Finance yesterday.

It was a very short speech of federal minister and some of the points as announced i.e. sales taxes and duties have been reduced. But these announcements are not sufficient to reduce the burning issues of poverty and inflation. He was addressing a meeting here in Regional Office Lahore. He said that formal statement will be issued only after perusal of the Finance Bill passed by the National Assembly.

He, however, appreciated the government for giving relief on the With-holding Tax on the bank withdrawal has been increased from Rs. 25,000/- to Rs. 50,000/-,Custom Duty on all the items has been brought down from 35 per cent to 30 per cent.\ and Taxable Income has been increased from Rs. 350,000/ to Rs. 400,000/-

Revenue target unachievable: Lahore Tax Bar Association (LTBA) office-bearers have termed the Rs 2381 billion revenue target set in the federal budget 2012-13 as unachievable. No solid plan was presented for resolving the issue of unemployment while abolition of import duty will make negative impact on the economy.

These views were expressed by them at a meeting to listen to the federal tax budget held here at Tax House here on Friday. LTBA President Zahid Attiq Chaudhry, Vice President Aamir Shahzad, Secretary Finance Naghmana Shahzadi, Muhammad Naeem Shah and various others were present at the meeting.

Participants of the meeting termed the federal budget 2012-13 as a document to increase worries of the public. No sector has been provided a real relief while masses had pinned high hopes with the budget due to 2012 as being the election year. They said that budget had lost its utility for the last many years in Pakistan.