The Pakistan Industrial and Traders Associations Front (PIAF) has out rightly rejected the proposed two percent increase in the Federal Excise Duty, and said that it was bound to evoke strong reaction from the business community that has already been facing tremendous pressures.
The PIAF Chairman Irfan Qaiser Sheikh, in a statement here on Thursday, said that it would be better if the people sitting at the helm of affairs in the Federal Board of Revenue concentrated on broadening of tax net, instead of spending their energies on squeezing the exiting taxpayers.
The PIAF Chairman observed that the economic situation is not as comfortable as is being painted by some circles and there is a dire need to facilitate the businesses instead of taking unilateral anti industry measures. The cost of business has already touched the highest crest witnessed in the history of Pakistan.
The highest ever tariffs of utilities and multiplicity of taxes has inadvertently increased the cost of manufacturing and doing business. Utility companies including power and gas generation companies are already demanding of the government to allow them further increase in tariffs.
Sheikh feared that in such adverse situation and circumstances, the intended increase in special and federal excise duty would put more burdens on the businesses. He demanded of the Chairman Federal Board of Revenue to keep the special and federal excise duty to 1 percent only and said that all decisions should be implemented only after the consultation of stakeholders.
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