The Pakistan Industrial and Traders Association (PIAF) has demanded of the Ministry of Finance to immediately withdraw SRO 1035 under which 10 to 80 per cent regulatory duty has been increased on 731 items. PIAF Chairman Irfan Iqbal Sheikh while talking to a businessmen delegation here on Thursday said that the government announced second mini budget within 10 days.
The levy of regulatory duty would bring huge inflation in the country. In last week, the Federal Board of Revenue levied regulatory duty on 300 items which would not only leave adverse impact on the country's economy but would also affect the businessmen and the general public as well, he added.
He said the SRO would add additional burden on the existing taxpayers. He said the raw materials being used in export-oriented industry would become expensive due to the regulatory duty which would result in substantial increase in input cost. As a result, our products would no longer be competitive in the international market, he added.
He was of the view that the government should evolve traders' friendly policies to generate revenue rather than taking unpopular decision to increase revenue collection.
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