High tax rate on heavy industries unjustified: PFC

18

Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq Sunday said the 39 percent accumulated taxes on heavy industries was one of the highest not only in the region, but also in the world.

In a statement issued here, he said the industrial sector is already plagued with high trariff of gas and electricity clubbed with hefty local taxation by federal and provincial governments. He said under these unhealthy circumstances of ease of doing business ,country can not move forward to achieve the desired target of economic growth.

He said with the levy of 10 percent super tax, the overall levy will go to 39 percent which is the highest ever in memory of Pakistan. He said hefty taxation on heavy industries will discourage foreign and local investors which ultimately hamper the process of rapid industrialisation.—APP

 

Previous articleEgypt contracts to buy 180,000 tonnes of wheat from India
Next articleGovt urged to revisit super tax