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June 20, 2019

FPCCI to meet finance adviser, PM for resolution of issues

Business

June 20, 2019

KARACHI: The business community will put their issues before the authorities, especially their reservations on the budgetary measures taken in the finance bill 2019/20 that have sent the the cost of doing business through the roof, an industry official said on Wednesday.

“Every businessperson is worried about the escalation in the cost of business, if the proposals in the bill should get approved,” Daroo Khan Achakzai, president Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said addressing a press conference.

Achakzai said a budget reservation committee had been formed, which would hold meetings with the finance adviser and Prime Minister to present the recommendations. He said withdrawal of sales tax zero-rating for export oriented sectors was a wrong decision and facility should continue.

“If the zero rating facility is withdrawn, the government should ensure the refunds within a month,” the FPCCI president said. Lamenting the power and gas price hike as well as currency devaluation, he said doing business was not viable anymore.

Zubair Tufail, former president FPCCI, said imposition of duties, FED and rescinding of SRO 1125 would result in increased smuggling, and government would be deprived of the revenue. “Services sector is also concerned about the increased taxes; the sector should be brought back to 2.0 percent tax regime,” Tufail said.

SM Muneer, chairman United Business Group (UBG) of FPCCI, said cost of doing business had increased leaving the local businesses uncompetitive in the international market. “We support Prime Minister Imran Khan and we don’t want to go on strike. We will meet finance advisor on Wednesday and present our recommendations,” Muneer added.

Mirza Ikhtiyar Baig, senior vice president FPCCI, said the finance bill had proposed excessive taxes due to which traders, industrialist, and people were worried foreseeing hyper inflation, unemployment, and increased cost of doing business.

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