The President of Korangi Association of Trade and Industry (KATI), Zahid Saeed, said that extending the super tax net will further burden the industrial and business community. He said in the 2015-16 budget, the government had imposed a 4 percent special one-time levy on profits earned by banks and 3 percent levy on all other businesses and individuals earning Rs 500 million or more annually.
He also said, the government had decided in the previous budget, that this 'super tax' was being imposed to meet financing of temporarily displaced persons (TDPs) and security establishment and had committed its imposition for a period of one-year. However, the government is not only extending levy of this 'super tax' in the current fiscal year, it is also lowering the income ceiling for levy of this tax, and this is bound to affect the already tax burdened trade and industry sector, he said. Zahid also said, if the government wills to fulfil its announced commitments, it will hurt the business community confidence in government policy decisions.
He said, the business community is ever ready to support defence institutions of the country, but for strong national security, economic and internal prosperity, poverty eradication and provision of employment, this all can only be possible on implementation of a long-term economic policy and resolving basic grievances faced by industries and exports. Zahid Saeed, further also demanded that the business community should be consulted before any policy decision or amendments are made to tax laws of the country.