Business Community will oppose any move in 2011-12 budget to impose new taxes or increase in taxes on sectors already paying taxes. Federal Finance Minister, Hafiz Sheikh has called a meeting of trade and industrial representatives in Islamabad to discuss federal budget 2011-12 on April 26.
President Indian Pakistan Chamber of Commerce and Industry and former President FPCCI, S. M. Munir, expressed concern over the hints that the budget would be a very tough one and said that if a harsh budget was presented it would have very serious repercussions on traders and industrialists who were already reeling in heavy taxes and other problems.
He said that the trade and industrial sector was already facing a number of serious problems and efforts should be made to avoid any such move. S. M. Munir said that the business community would discuss every issue in the meeting with the federal finance minister and apprise him of business community's concerns over the budget proposals. He also opposed the government move to re-impose wealth tax in coming budget and said wealth tax exist nowhere in the world. Wealth tax would open doors of corruption, he added.
While opposing two holidays in a week, Munir said that a day's closure of the city cost Rs 5 billion production, trade and revenue losses. He appreciated governor State Bank of Pakistan who assured that in case of two holidays in a week, all bank branches dealing with import and export would remain open on Saturdays.
President Karachi Chamber of Commerce and Industry (KCCI) , Mohammad Saeed Shaifq also said that the chamber would oppose imposing any new taxes in coming budget. He said that he would plead the case that tax be imposed on agriculture sector, parliamentarians who do don't pay any tax, transport sector and services sectors.
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