The Federal Minister for Finance Saleem Mandviwalla on Wednesday assured the PIAF delegation that government would withdraw SRO 140(I) 2013. The Minister gave assurance to a 4-member PIAF delegation, who called on him under the leadership of PIAF Chairman Malik Tahir Javaid. He said the government has decided to withdraw the SRO 140(I) keeping in view the difficulties of the business community.
The government understands that the private sector is the backbone of the economy and it should be facilitated at every step. He said that measures are also being taken to overcome the energy shortage in the country. The PIAF Chairman briefed the Finance Minister that increase in the rate of Withholding Tax would force closure of a number of businesses because they are already facing multiple internal and external challenges on economic front. Such SROs would also promote undocumented economy, he said.
Malik said that the deteriorating law and order situation in some parts of the country and unavailability of gas and electricity had already pushed the economy to the wall while issuance of SRO 140(I) had further complicated the situation. He said that the situation of local and foreign investment in the country is also very alarming that requires government support. Therefore, the government should at least stop the Federal Board of Revenue from issuance of such anti-business SROs, he added. There is no doubt in it that the government needs heavy revenue to run its affairs but it should focus on expansion of tax net instead of raising the rate of existing taxes, he maintained.
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