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Sunday, September 27th, 2020

Wealth Tax unacceptable: Federation of Pakistan Chamber of Commerce and Industry

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Islamabad: Vice President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Khalid Tawab has said that business community of Pakistan will not accept Wealth Tax.

Government should shelve plans to impose this tax that is unjustified in the current set of circumstances, he said.

Speaking to business community at FPCCI, Capital Office, Tawab said that the income that has already been taxed should not be taxed again. It is not practiced anywhere in the world, he said.

Government will have to face resistance from the entire business community of the country if Wealth Tax is imposed, he warned.

Khalid Tawab, who is also Honorary Consulate General, Republic of Mozambique, said that government should lift 17 per cent GST imposed on import of machinery and plants as it will hamper growth.

Finance Minister and Chairman FBR have already promised to abolish this tax and we are waiting for their promise to come true, he informed.

He demanded to impose fixed tax on small businesses so that authorities can concentrate on the sectors that need to be explored, he said adding that we want tax on income irrespective of the source.

At the occasion, Chairman Coordination, FPCCI, Raza Khan, said that unemployment is increasing due to variety of reasons, which is a serious problem.

Solution to the rocketing unemployment lies in industrialisation of the country; he said adding that we are ready to play our part if enabling environment is ensured.

“The culture of mini-budgets should be discouraged after the announcement of federal budget as it adds to uncertainty,” said Raza Khan.

He demanded imposition of taxes on exempted sectors without which the collection target of Rs 1952 billion will be impossible to achieve which will leave authorities with little option but to press the existing taxpayers.

Falling revenues and growing expenditure; oil prices are projected to rise by 50 per cent; the government will have to finance deficit of six per cent with domestic sources due to reluctance of donors which calls for across-the-board reforms otherwise we may face a default like situation, warned Raza Khan.

For more information, contact:
Muhammad Raza Khan
Chairman Coordination
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House,
Main Clifton Road, Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-51-2251891-3
Fax: +92-51-251894
Email: info@fpcci.com.pk

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