President Karachi Chamber of Commerce & Industry, Abdul Majid Haji Muhammad, Senior Vice President Rasheeduddin Rashid, Vice President Javed Ahmed Vohra and Chairman Taxation Sub-committee Qamar Usman, have expressed dissatisfaction regarding statement of Chairman FBR to increase the existing one percent excise duty up to 3 percent.
The KCCI high-ups, in a press release, said that the cost of doing business has already touched the highest crest, witnessed in the history of Pakistan. Highest ever tariffs of utilities and multiplicity of taxes has inadvertently increased the cost of manufacturing and doing business, they added. They observed that the utility companies are crying to the government to allow them to further increase the tariffs.
They feared that in such adverse situation and circumstances, the intended increase in the excise duty would bring more penalising effect. They, while expressing their concern, demanded the Chairman FBR to sustain the duty to one percent only. They also demanded that all decisions be implemented only after the consultation of stakeholders.-PR