Traders slam new tax laws

Business leader and former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, on Tuesday strongly criticised the recent amendments to the tax laws. He warned that granting unchecked powers to tax authorities without consulting the business community would not boost revenue but could instead result in a significant decline.

He issued a stark warning that this decision would not only eliminate the remaining investments in the country but also hasten the alarming outflow of capital, jeopardising its economic stability.

Addressing an emergency meeting of traders and industrialists, Butt said that amendment to the tax laws violates the fundamental rights of the business community, which is currently protesting against it.

The government must reverse the move before our patience runs out because, instead of institutional reforms, the policy of granting unchecked powers to officials amounts to a declaration of war against the business community.

The authoritarian powers given to tax officials are blatant proof of an anti-business agenda, he added.