KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Nasser Hyatt Maggo has expressed his profound concerns over surging and unbearable food inflation in the country and the resultant unrest among the masses.
He expressed that edible oil prices are one of the biggest contributors to the skyrocketing food inflation in the country.
This pattern of food inflation is unsustainable for any country of the world and the governments should act decisively to control the inflation in the national interest, he added.
He said that if the government withdraws Custom Duty of Rs9,180 per tonne, 17 percent FED, 2 percent Additional Custom Duty, 5-6 percent Adjusted Sales Tax after value addition and 2 percent Income Tax only for 6 months, the edible oil prices will come down by up to 25-30 percent immediately and there will be considerable downward balancing effect on overall food inflation as well.
Nasir Khan, VP FPCCI, has added that the neighbouring and regional countries have already started to withdraw sales tax, import and other duties on edible oils to give the much needed relief to their people.
He emphasised that the government should move in a timely manner and make decisions swiftly in order to control the damaging effects of the food inflation and rupee-dollar parity and protect those segments of the society who are already living below poverty line.
Nasir Khan said that the edible oil will continue to rise further in given circumstances if remain unattended. The government is in a position to offer approximately Rs75/Kg relief to people immediately on account of taxes and duties, he added.
Mian Nasser Hyatt Maggo, as President FPCCI, requested Shaukat Tarin, Advisor to Prime Minister on Finance & Revenue, to intervene immediately and sit down with edible oil manufacturers from the platform of the apex representative body of FPCCI to work out a radical; yet, pragmatic plan in accordance with ground realities to bring down the edible oil prices with immediate effect.
Copyright Business Recorder, 2021
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