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KARACHI: President of the Korangi Association of Trade and Industry (KATI) Salman Aslam has expressed reservations over imposition of new taxes of Rs 38 billion through a presidential ordinance.

He has said that instead of keeping the interest rate at 15 percent, it should have been reduced considering the current situation, which would have stabilised the economy.

President KATI demanded of the government not to increase super tax and tax on electricity bills, otherwise industries in the country will be closed, unemployment will spread rapidly and the economic crisis will intensify due to lack of investment.

Salman Aslam, while reacting to the announcement of a further increase in income & sales tax on electricity bills and super tax said that the government has issued this ordinance to get additional revenue of Rs 80 billion from the IMF.

Due to this, the difficulties of the industry will increase enormously and it will be impossible to continue the industrial production process because the cost of production and electricity prices are already at the highest level in history and a further increase in them will bring the industries to the brink of collapse.

President KATI said that along with the announcement of the agricultural policy, the Prime Minister should also announce the industrial and economic policy on the long-standing demand of the business community and industrialists so that investment in the country is promoted and the economy moves towards improvement.

Salman Aslam said that the government is lifting the ban on imports of luxury and non-essential goods following the demand of the IMF, which will lead to the import of luxury goods despite the additional duty and outflow of valuable foreign exchange.

He said that the ban on imports should have been maintained by the government.

Salman Aslam welcomed the government's reduction in duty and import of raw materials, machinery, and other essential items.

He said that instead of imposing more taxes to collect additional revenue, the government should consult with the industrialists, and if taxes are reduced including the cost of production, tariffs of electricity and gas reduced, then the business will be faster in the country, the industrial wheel will start moving, which will help the government. The required tax target will also be achieved.

Copyright Business Recorder, 2022

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