Sarhad Chamber of Commerce and Industry (SCCI) has slammed the Federal Government over the recent imposition of regulatory duty on imported items, and called it a 'mini budget', demanding of the federal government to immediately withdraw its decision. In a statement issued here on Thursday, SCCI president Zahidullah Shinwari said the increase of regulatory duty from 10 to 80 per cent on more than 731 imported items was unjust decision.
He added that the government imposed Rs 25billion new taxes without taking the chambers on board, which could put the country's economy on stake. He asked for withdrawal of the decision in best interest of the economy.
SCCI president said the government policy would not only increase 'price-hike', but it would also affect business activities in the country. He viewed the presentation of mini budget was reflecting poor planning by policymakers. He said that the government must need to take all chambers and business community on board to formulate a joint strategy for controlling the growing trade deficit.
The chamber president opined that the export would affect with the increase of regulatory duty on imported items. Resultantly, he said the Government of Afghanistan would also impose duty on Pakistani products, which could give boost to illegal trade and smuggling from the neighbouring country.
Shinwari said the trade deficit will not be lower with imposition of regulatory duty on imported items, because it did not include the foreign exchange in exported products to Afghanistan. He said the federal government should take measures for giving maximum relief to poor masses and business community, instead of imposing new taxes. He warned that if the government didn't take the issue seriously, then all chambers and business community would strongly protest and move to court against its decision.
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