President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has expressed concern over inconclusive meetings between the business community and the Prime Minister, Advisor to the PM on Finance Dr Abdul Hafeez Sheikh, Ministers and Chairman Federal Board of Revenue(FBR). The failure of the business community to get any relaxation will result in uneasiness and uncertainty, therefore, the government should show some flexibility so that wheels of the economy could move, he said.
He further said that masses, industrialists and traders are not ready to accept recent tax measures resulting in protests and strikes while many businesses have been closed. He said that many factories have also been closed while many are selling their businesses. He noted that some changes in the tax system have made import of some items profitable than its manufacturing in the country which must be noted.
Mian Zahid Hussain said that interest rates have been doubled in the last one year, Rupee has lost almost fifty percent of the value and taxes have been increased by 35 percent which has added to the cost of doing business while some businesses have simply failed. The IMF conditions were supposed to stabilize the troubled economy but it has added to the instability and endangered the business community, he said.