A delegation from KCCI comprising Siraj Kassam Teli, Chairman BMG & former President-KCCI, Tahir Khaliq, M. Zubair Motiwala, Haroon Farooki and Anjum Nisar, Vice Chairmen Businessmen Group & former Presidents - KCCI, Talat Mahmood, Senior Vice President, Junaid Esmail Makda.
Vice President-KCCI, M Irfan Moton, Chairman, KCCI Sub-committee for GST and Refund and Qamar Usman, Former Chairman for KCCI Sub-committee for Taxation, held discussion reference to budget anomalies and taxation issues with Israr Rauf, member Income Tax Policy, Federal Board of Revenue Karachi. The delegation reiterated FBR that the amendments introduced through the Finance Act, 2010 in Income Tax Ordinance are unbearable and unrealistic.
KCCI suggest that the current rate of taxes should not be changed. Taxes must be imposed in such a manner that they don't get multiplied on the supply of same goods at different stages/hands. Currently the businessmen have to pay around 14 percent Withholding Tax on the same good in case of changing four hands as supply of goods. With the result that the profitability of any trader would become zero and rather turn into big substantial losses. This would really hurt the business and economic activities of both the industrial and trading sector in the country making them dysfunctional and result in ultimate closure of the enterprises.-PR
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