FPCCI’s fair demand

THE apex representative body of traders, businessmen and industrialists – Federation of Pakistan Chambers of Commerce and Industries (FPCCI) has demanded of the Government to change some provisions of the proposed Finance Bill to make it truly business friendly. Addressing a news conference in Karachi, its President Zubair Tufail, who has good rapport with the policy and decision makers in Islamabad, said they want removal of 1.25% turnover tax especially for those units posting losses, reduction of electricity and gas tariffs for export sector and discontinuation of super tax.
The demands of the FPCCI seem to be quite justified especially in the backdrop of continuous decline in exports over the last few years. Though the Government is apportioning entire blame on global recession but there are clear indications that Pakistani products have been rendered uncompetitive because of increase in the cost of inputs and excessive taxes. Industry of some regional countries is paying fraction of electricity charges what we have imposed in Pakistan. As for super tax, the Senate too has recommended against its extension for yet another year and instead demanded its abolition. There is no doubt that the Government has to resort to measures for additional revenue generation in the face of growing development and non-development expenses but this should not be done at the cost of growth and development in industrial and agricultural sectors. The Government should, therefore, listen to the views of FPCCI and bring about necessary changes in the Finance Bill to encourage investment, productivity and exports.

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