Chairman Industrial Promotion Forum (IPF) and Honorary Consul of Mozambique, Khalid Tawab has urged Finance Ministry to abolish capital value tax (CVT) in forthcoming budget 2009-10. Talking to newsmen here on Tuesday he also demanded abolition of the five percent duty on import of machinery.
He said that it was necessary to provide incentives to attract foreign and local investors to invest and establish new industrial units in the country. Tawab said that he along with other businessmen had apprised Advisor to Prime Minister on Finance, Shaukat Tarin during a recent meeting in Karachi that the already burdened tax-payers must not be over burdened with new taxes.