The Islamabad Chamber of Commerce & Industry said that the current government has abolished zero-rated facility for export industry and levied many new taxes on trade and industry in its first annual budget due to which the business community of the entire country was protesting as these taxes have caused slump in business activities. It called upon the government to withdraw new taxes levied in budget to save the businesses from further losses.
Ahmed Hassan Moughal President, Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that instead of imposing new taxes on businesses, government should take measures to promote ease of doing business and focus on broadening the tax base with reduced tax rates that would help in improving tax revenue and the overall economy of the country.
Ahmed Hassan Moughal said that government had already enhanced the prices of gas, electricity and POL products due to which the general public was facing high inflation. He said that imposition of new taxes on businesses in budget has further pushed up the prices of daily use items of people including sugar, ghee and other eatables due to which the life of common man has become very miserable. He said the reduced purchasing power of people was also affecting business activities. He said the prices of cement, steel bars and other construction material has also gone up significantly due to which constructing a house by a common man has become almost impossible. He said the new budget has introduced CNICs based invoice system that was a very difficult task for businessmen and urged that government should withdraw this condition.
ICCI President said that most of the chambers and trade associations have rejected the tax measures of the government taken in the new budget and it was the need of the hour that Chairman FBR and other relevant government representatives should engage with all chambers of commerce and trade associations to find out a consensus solution of this issue so that wheel of the economy could be run continuously and the country could be saved from further economic damages.