Staff Reporter Islamabad
The business community on Saturday demanded the government to withdraw 400 percent hike in the income tax rate on turnover of flour mills otherwise price of 20kg of bag will jump by Rs90 by July 01 resulting in a severe nationwide crisis.
Wheat flour is a major staple and part of our daily diet which should remain in the buying power of the masses facing unemployment and reduced income due to pandemic and runaway inflation, they said.
Talking to the business community, President of Islamabad Industrial Association (IIA) Shaikh Tariq Sadiq said that the government has proposed an increase in the income tax rate on the turnover of flour mills from 0.25 to 1.25 percent, which is a 400 percent increase in one go that would cause a sharp rise in flour prices.
He demanded that the government should immediately withdraw the unjustified decision to save the general public from high inflation otherwise the food insecurity will engulf the country in a way that has never happened before which can result in unpredicted consequences.
Tariq Sadiq said that the sales tax on bran was abolished four years ago which was welcomed by the flour millers but in the current budget a sales tax of 17 percent has been proposed on bran which will also give rise to inflation resulting in restlessness among the masses.
