Withdrawal of subsidies on oil and electricity will increase inflation and put more financial burden on general public and prices of exportable commodities will increase, said President of Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ijaz Abbasi.
He stated that already inflation rate was very high and people were facing great financial problems and withdrawal of subsidies would put an additional financial burden on them. He further said that business community was facing tough competition in the international market and withdrawal of subsidies would further increase the cost of doing business in Pakistan.
Ijaz Abbasi said the government must consider the plight of the poor and should reconsider its decision on subsidies. He further said that price of fuel was rising gradually due to a steady rise in the international market price. He said that any rise in petroleum and electricity rates would have a negative impact on prices of other commodities as well.
The ICCI President said that the Federal Board of Revenue (FBR) had increased sales tax from 17.5 percent to 18.5 percent on nine items, including flat-rolled products of iron or non-alloy steel, which would increase the price of steel products in the market. He said that this would badly affect the construction industry. He said that ICCI, in consultation with its members, was preparing the budget anomalies, which would be presented to the government very soon, so that concerns of the business community could be removed.
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