President Korangi Association of Trade and Industry (KATI) Zahid Saeed has expressed that the policymaker and tax officials must realise that general public and industry cannot bear more burden of taxes. He said that government indicated to levy Rs 40 billion of additional taxes. Apparently, the government pronounced that only luxuries will be taxed but consumers' goods, particularly food items like yogurt, powdered milk are included under this head, he pointed out.
He said that the industry and general public were already facing hard times due to high utility prices, taxes, fees and duties etc. He expressed that if the government was going to implement addition taxes in next month, as expected, it would be another mini-budget. This situation will spread uncertainty and will directly affect economic activities in the country.
He said that to fix economic problems of Pakistan government should make polices after comprehensive study and don't be distracted by short term solutions. He further said that the government should understand that getting loans and waivers could not help fight unemployment and inflation. Policymakers should focus on industrialisation in the country, he urged. The president said that unrealistic budgetary targets for revenue collection, followed by levying new taxes now and then create more problems for business community and general public as well.
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