'Traders mulling over to temporarily shut businesses in Pakistan'

KARACHI: Amid rising dollar prices and other economic woes, Chairman Karachi Chamber of Commerce and Industry (KCCI) Zubair Motiwala Friday said that the traders are mulling over to shut their businesses temporarily, ARY NEWS reported.

Blaming all political parties for the grave economic situation, the chairman KCCI said the political parties are unable to understand the gravity of the situation.

“Trader are mulling over to shut their businesses while some of them are planning to shift their business to other countries,” Zubair Motiwala said and blamed the bank for earning extraordinary profits on exchange of dollars.

He lamented that the State Bank of Pakistan (SBP) has not been able to effectively regulate the bank and there is a difference of Rs10 in exchange rate offered by banks and interbank rate.

It is pertinent to mention here that Karachi traders recently staged a protest and blocked MA Jinnah Road against the imposition of General Sales Tax (GST) on the current electricity bills.

According to details, the local traders protested against the general sales tax (GST) of Rs6,000 per month levied on electricity bills for retailers.

The traders recorded their protest at Jama Cloth Market against the imposition of sales tax on the KE bills.

Speaking on the occasion, Karachi traders said that the electricity bills already include sales tax, income tax, fuel adjustment and additional taxes. “Collection of general sales tax from consumers is a total injustice,” they added.