Friday, August 12, 2022

Pakistan’s business community rejects ‘Super Tax’


KARACHI: The country’s business community have unanimously rejected the ‘Super Tax’ of 10 percent imposed by the federal government on large-scale manufacturers and industries, ARY News reported on Friday.

In a statement, SITE Association of Industry in Karachi while rejecting the super tax of 10 percent said that the decision would force industries to shut down, which will eventually lead to unemployment.

Abdul Rasheed, Site Association President, said that the production of industries has already been affected due to high cost of electricity and non-supply of gas. “The fulfillment of export orders will be jeopardized if production activities are suspended,” he warned.

All Pakistan Textile Mills Association (APTMA) North has strongly condemned the government’s decision of super tax, saying that the measure would lead to a “storm of inflation”.

APTMA North Chairman Hamid Zaman said that the construction business and exports were increasing in the previous government, but the steps taken by the present regime has put a burden on the poor.

He further said that instead of increasing the tax rate, the government should expand the tax net to solve the problems. “Rising taxes will shut down industries and unemployment will increase, which will eventually affect the poor,” he added.

Meanwhile, a representative of ABAD demanded the government to immediately withdraw the super tax while terming it an aggressive move.

President Farmers Union Khalid Khokhar has said that if taxes are imposed on farmers, they will reduce production. “The cost of production has already increased. Farmers cannot run tube wells at the current rate of diesel,” he added.

Atif Munir, President, Faisalabad Chambers of Commerce and Industries (FCCI), said that the government has increased the burden on the business community and industry by imposing super tax. “The government did not take any association or chamber on board before announcing this measure,” he added.

“Miftah Ismail and his team failed miserably, it seems that the government is pursuing a weekly policy, the government should withdraw its super tax immediately,” he added.

Earlier in the day, Prime Minister Shehbaz Sharif announced a super-tax of 10 percent on large-scale manufacturers and industries in the country in order to address the economic woes of the country.

The prime minister while announcing the tough decisions in the wake of the ongoing economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10 percent tax.


Latest Posts