The federal chairperson speaks about the banking concerns and shows some intends to resolve it ideally. Normally banking sector in many countries in this world is always in priority list here so that civil society can gain much attention at a federal level. The suggestion or probably the prediction made by the President of Federal Chamber Abdul Rauf Alim about the banking sector. The key concerns of the federal government are now glaring in the Pakistan in upcoming budget 2016 that is always a good move for developing countries. The central Asian countries always considered the banking as a key factor of success such as BRICS and other similar moves at international level.
Predictions About Budget 2016 May Be Banking Friendly
There are many suggestions come from the banking sector to lower the taxes ratio at banking so that each smooth banking can be possible indeed. The coming budget 2016 would be best for the banking sector because it may have different reforms and tax reductions possibilities for the banking sector. Different provinces have different taxes on the banking sector and the federal government would consider some relaxations in taxes. The only purpose for such thing is to create stabilized banking industry in Pakistan. The Pakistan is least in considering banking at the level as compared to other neighbors in the region. The commercial banks would get the big bite from these benefits as predicted by the federal Chamber Minister. The next in the list for the Islamic and Micro-Finance banks. These tax relaxations would be applied but indiscriminately.
The 96 percent of business depends on upon the small business sector and microfinance banks specifically. The SME sectors have accomplished many steps while improving itself in the business sector here in Pakistan but still there are something missing in the form of loans. The SME sector has no direct access towards sufficient funds and hence there is no significant improvement in the sector. The openly access towards finance to deal financial matters in SME through banks can improve the condition of business here in Pakistan. The presidents focused while narrating about the tax predictions in Banking sector for upcoming budget 2016. Recently banks are allowed to deal with Iran as well that would create the environment of trade and no smuggling zone as well.