President, Lasbela Chamber of Commerce and Industry (LCCI), Yakoob H. Karim, has said that the exports are already falling alarmingly and the industry is in extreme pressure due to unbearable cost of doing business and tough competition from the competitors in the region and the present government is even making fierce anti-industry and anti-export decisions.
He said adding that tax should always be on income and not on the revenue. Yakoob has earnestly demanded of the high ups in Islamabad to immediately withdraw all taxes and levies that have been declared unjustified and uncalled-for by the business community. The government now must come out of the regime of advanced taxes after full implementation of sales tax. He strongly opposed the 6 percent withholding tax on turnover of services sector.
He said that the present government at the behest of IMF is imposing frequent taxes and levies on business community without considering the consequences of these unjustified and uncalled-for decisions that are badly damaging the national economy. He said that an additional eight percent withholding tax on turnover of the services sector would result in an unbearable effect on industry and hurt Pakistan's exports.