Karachi (Business Reporter) KBG Vice President and Former Senior Vice President Korangi Association of Trade and Industry-KATI Faraz-ur-Rehman while reacting to the Presidential Ordinance to abolish corporate tax exemption. He said that the implementation of this ordinance has burdened the business community suffering from an economic crisis due to Corona. There will be more; the government must also focus on eliminating indirect taxes.
He said that the business community was facing an economic crisis, on one hand, the cost of production was already low due to the power and gas crisis and on the other hand, the government had added more burden by Presidential Ordinance abolishing tax exemption. While inflation is spiraling out of control, the business community is feeling the pinch. He appealed to the Prime Minister to take notice of the matter and not impose a further burden on the taxpayers. Indirect taxes should be reduced immediately and the process of tax reform should be expedited, otherwise, there is a danger of increasing unemployment with the closure of a large number of industries.
Faraz-ur-Rehman further said that the agricultural sector should be included in the tax net and production capacity should be increased on a priority basis. Promoting a value-added industry is essential, as is the transfer of technology. He said that an easy loan scheme should be formulated for the installation of solar systems in industries at a rate of 3%. He said that the implementation of taxes should be kept fair and the concerns of the business community should be allayed. Faraz-ur-Rehman said that for the development of the country, all must take joint steps, to get Pakistan out of the crisis, the VIP culture must be eradicated and everyone must fulfill their responsibility.
