ISLAMABAD, Jan 04 ( Alliance News ): The Islamabad Chamber of Commerce and Industry (ICCI) has cautioned the government that the Rs.375 billion taxation measures proposed in the mini-budget would badly hit the business and industrial sectors and retard
the economic growth of the country.
President, Islamabad Chamber of Commerce and Industry Muhammad Shakeel Munir expressed these views while talking to a delegation of All Pakistan Marble Industry Association that visited ICCI led by Senior Vice Chairman Abdul Sattar Shah. Mian Sami, Arif Butt and others were in the delegation.
He stressed that the government should give a comprehensive reconsideration to its implications in order to save the country from further troubles.
Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and
Industry said that the government has imposed 17 percent GST on the import of
industrial machinery of mining and other sectors that would affect the growth of
industry and exports.
He said that the National Renewable Energy Policy of
Pakistan aims to acquire a 30 percent share of renewables in the energy mix by
2030, but the imposition of 17 per cent sales tax on solar panels, inverters and
related equipment would make it difficult to achieve this target.
He said that the withdrawal of tax exemptions of Rs.160 from pharmaceutical sector and
imposition of 17 percent GST on the import of pharma raw material would
increase the cost of medicines for the common man.
ICCI President said that the Finance (Supplementary) Bill 2021 would raise the
prices of many good items, computers, mobile phones and affect the growth of
This would happen at a time when the inflation was already at
record higher levels. He urged that the government should review the far
reaching implications of mini-budget on the business and industrial sectors to
save the economy from more difficulties.
Jamshaid Akhtar Sheikh Senior Vice President and Muhammad Faheem Khan
Vice President ICCI said that instead of generating additional tax revenue for the
government, the mini-budget would promote smuggling due to price hike that
would lead to a negative impact on the local industrial and business activities.
They urged that the government should consult with the stakeholders to address
the key challenges of the economy and withdraw the mini-budget to save the
country from more problems.