Iftikhar Ali Malik warned of the possible consequences of additional taxes in the current economic environment.

KARACHI: Ex-President SAARC Chamber of Commerce and Industry, Ex-President FPCCI and Ex-Chairman United Business Group (UBG) Iftikhar Ali Malik stressed caution regarding the tax reform agenda in the current economic environment. He warned of the possible consequences of additional taxes and said that the tax reforms show that there will be too much dependence on taxation of the people. He stressed the importance of exploring new economic sectors and said that tax reforms should be done in such a way. So that the people who are mired in the mire of poverty will not face more difficulties and the problems of the business community who are already facing enormous problems in doing business will not become more serious. Proposed taxes on agricultural commodities such as pesticides could deepen poverty and stifle economic growth. He said that the increase in fees for passports, national identity cards, stamp papers, driving licenses, and regulatory compliance etc. could increase economic pressure. emphasized the need for sustainable economic growth and GDP growth.