The business community has vehemently rejected the government's move to impose wealth tax describing it unjust and failed experiment. Multan Chambers of Commerce and Industry (MCCI) President Shahid Naseem Khokhar said here on Tuesday said that nowhere in the world wealth tax had been imposed and if it was imposed in the forthcoming budget, it would be resisted by the traders and industrialists.
Khokhar has expressed his sheer dismay over deteriorating economy, and said that skyrocketing utilities and POL rates, shortage of gas and electricity and high interest rates were the major causes of dwindling economy. He said the law and order situation had now forced the businessmen to leave the country, adding that interest rate should be lowered immediately for the sake of industry's survival.
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