ICCI lauds government for slashing POL prices

  • September 01, 2018
Sheikh Amir Waheed President, Muhammad Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry have lauded the government’s decision to slash high speed diesel price by Rs.6.37 and petrol by Rs.2.41 per litre as it would provide some relief to people and reduce cost of doing business to some extent. However, they stressed that government should have reduced high taxes and levies on POL products to give decent relief to the common man and to the business sector.
Sheikh Amir Waheed said that the government was currently charging 22 percent GST on HSD, 9.5 percent on petrol and 6 percent on kerosene. He said the government was also charging levy of Rs.8 per litre on HSD, Rs.10 on petrol and Rs.6 on kerosene due to which the prices of these products were still very high in Pakistan. 
ICCI President was of the view that by levying heavy taxes, the government has made POL products a source of revenue, but this practice was costing the business community and the general public dearly. He emphasized that instead of making POL products revenue generating commodities, government should cut taxes and levy on these products and bring drastic reforms in the taxation to improve revenue generation. It could be the wise approach to provide decent relief to the common man, create enabling environment for the growth of business activities and put the economy on the path of sustainable growth, he added.