The Chairman, Towel Manufacturers Association of Pakistan (TMA), Syed Usman Ali has opposed the government move to impose wealth tax in the budget 2011-12. In a statement Usman Ali and former Chairmen, Feroze Alam Lari and Muzammil Husain said that the wealth tax should not be imposed, as its imposition had caused of outflow of capital from the country in the past and if imposed once again the already ailing economy would have serious blow as the black money culture would revive.
Usman said there is no country having imposition of wealth tax in the world. He suggested that the Prime Minister, Finance Minister and other higher authorities should consult business community before the upcoming budget. He said that government has declared the present year as "Export Year" but it is imposing anti-exports measures and trying to push exports particularly textile sector to corner. He said that government despite its commitment has once again imposed sales tax on textile auxiliaries, which would ultimately affect value-added textile sector.
He once again demanded of the government to influence India not to oppose Pakistan in getting market access offered by European Union. He said that EU had offered some trade benefit to Pakistan on the wake of massive floods but the package remains in doldrums due to objections raised by some countries particularly India against Pakistan. He said that MFN status to India should only be granted after ensuring compliance of bilateral trade accord from Indian side.-PR
Comments
Comments are closed for this article.