Additional tax on traders: KATI President asks govt to consult business community

KARACHI: Korangi Association of Trade and Industry (KATI) President Farazur Rehman has said that before imposing an additional tax on the traders and business community, the government should have talked with the business community so that the additional tax on the industry which is on the brink of collapse would not prove to be more harmful.

Welcoming the preparation of 10-year economic plan by the government he said that there was long-standing demand from the businessmen and industrialists that the government formulates a 10-year economic policy or charter of economy, but in this decision consultation with the stakeholders should be mandatory. He said that increasing the levy on petroleum products from Rs.70 to Rs.100 per liter will increase the inflation rate, which the people and the business community cannot afford.

He said that debt restructuring is positive step in this regard. The government should contact friendly countries and especially should pave the way for negotiations with the IMF to remove the immediate shortage of reserves.

Farazur Rehman appealed to the government to formulate a policy based on the suggestions of all stakeholders before making a decision so that everyone can play their role in stabilizing the economy.

Copyright Business Recorder, 2023