Upcoming budget: KATI chief for inclusion of agri sector in tax net

KARACHI: President of the Korangi Association of Trade and Industry (KATI), Johar Qandhari, has called for the inclusion of the agricultural sector in the tax net in the upcoming budget. He highlighted that despite constituting 30 percent of the Gross Domestic Product (GDP), the agricultural sector enjoys complete tax exemption, whereas the industrial sector, with a 20 percent GDP share, bears a significant tax burden.

Qandhari emphasized the disparity, noting that while industrialists face various taxes, including duties, regulatory fees, and sales taxes, the agricultural sector remains largely untaxed, benefiting landlords and middlemen at the expense of the economy.

The president of KATI stressed the need for equitable taxation policies, advocating for tax exemptions and incentives for farmers and cultivators, while imposing taxes on landlords and middlemen to bolster economic stability. He highlighted the potential positive impact on income levels and debt relief for farmers.

Furthermore, Qandhari underscored the pivotal role of the industrial sector in driving economic growth, generating employment, and bolstering foreign exchange through exports.

He urged the government to prioritise both the agricultural and industrial sectors, offering special incentives to the private sector to attract foreign investment and stimulate economic activity.

Copyright Business Recorder, 2024