It seems like the taxes for most business sectors increased in the newly presented budget of 2017-18. However, the taxes for the Poultry sector decreased with a great margin.
Mr. Ishaq Dar delivered his speech today and praised the Poultry Sector more than usual. He explained that the poultry sector has been playing a great role in the economy of our country, and has been able to provide affordable chicken meat to average class families. Hence, the government withdrew the 5% tax applied to the grandparent and parent stock of chicken. Similarly, the customs duty of 11% applied to the import of hatching eggs was reduced to 3%.
It was also announced that the sales tax for seven different types of machinery, used in poultry-control sheds, will be decreased from 17% to 7%. It is believed that this will invite several investors and will lead to the promotion of poultry production.
However, we wonder if these are the only reasons as to why this specific sector has been given so many incentives? The public is already aware of Hamza Shabaz’s poultry business. It seems as if the tax withdrawals and reductions in this sector were specifically made keeping the Sharif family in mind.
Moreover, the President of Lahore Chamber of Commerce and Industry, Mr. Abdul Basit himself belongs to the poultry industry and owns a business called Big Bird. The federal government takes the budgets presented by the chamber very seriously. This year, it looks like the president put the entire business community on the stake as he took all the budget relaxations for himself, keeping his own business safe.
As the taxes and federal excise duties have increased on 400 other products such as cigarettes and cosmetics, it really does prove that the Prime Minister’s family has been rewarded out of the way in this new budget.