Sales tax: KATI lashes out at ‘mini-budget’
The trade body was especially critical of the increase in taxes in the mini-budget.
Many businessmen believe that it is not in the mandate of the caretaker setup to announce budgets or levy new taxes. DESIGN: FAIZAN DAWOOD
KARACHI:
Patron in Chief of the Korangi Association of Trade and Industry (Kati) SM Muneer, Chairman Mohammad Zubair Chhaya, and Vice Chairmen Najmul Arfeen and Niaz Ahmed, have rejected the federal mini-budget for the year 2013-14 imposed by the interim government.
Many businessmen believe that it is not in the mandate of the caretaker setup to announce budgets or levy new taxes. In a joint press statement issued on Friday, they said that at the time when the newly elected government is nearing its formation, the promulgation of a mini-budget is inappropriate and untimely.
The matter should be left to the incoming government. The trade body was especially critical of the increase in taxes in the mini-budget.
“At this stage, increase in sales tax from 16% to 17% has put additional burden on
the business community which is already paying its share of taxes. This additional burden will ultimately pass on to the consumers and a price hike would be inevitable.”
Published in The Express Tribune, May 25th, 2013.
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Patron in Chief of the Korangi Association of Trade and Industry (Kati) SM Muneer, Chairman Mohammad Zubair Chhaya, and Vice Chairmen Najmul Arfeen and Niaz Ahmed, have rejected the federal mini-budget for the year 2013-14 imposed by the interim government.
Many businessmen believe that it is not in the mandate of the caretaker setup to announce budgets or levy new taxes. In a joint press statement issued on Friday, they said that at the time when the newly elected government is nearing its formation, the promulgation of a mini-budget is inappropriate and untimely.
The matter should be left to the incoming government. The trade body was especially critical of the increase in taxes in the mini-budget.
“At this stage, increase in sales tax from 16% to 17% has put additional burden on
the business community which is already paying its share of taxes. This additional burden will ultimately pass on to the consumers and a price hike would be inevitable.”
Published in The Express Tribune, May 25th, 2013.
Like Business on Facebook to stay informed and join in the conversation.