FPCCI may opt harsh decisions against proposed budgetary measures

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on has announced to take harsh decision against duty and tax measures proposed through Finance Bill, 2019.

At a pressing briefing on Wednesday, Engineer Daroo Khan, President, FPCCI said that the decision would include closure of business and trade activities in protest.

He said that the business community would share its reservations with the government. If the government declines to accept demands then option to protest is open, he added.

The FPCCI president said that budgetary measures had would create hardship for all including business community as well as general public.

The national chamber has identified many reservations on the budget 2019/2020. The apex chamber has constituted a committee on the Finance Bill, 2019.

Engr. Daroo Khan demanded the government to restore sales tax zero-rating for export sector. Further, he pointed out that hike in tariff of gas and electricity would also make difficult for business to continue.

He suggested the government that if it had been decided to abolish the zero rate regime then there must be assurance of releasing refunds.

He also demanded the government to restore provision of audit once in three years as Finance Bill proposed to empower tax officials to conduct audit of a taxpayer any or every year.

S M Muneer, leader of business community, however, said that the business community would not protest without meeting with government authorities.

He said that a delegation of FPCCI would hold talk with Dr. Abdul Hafeez Shaikh, advisor to Prime Minister on Finance and Revenue on June 20.

Muneer said that massive depreciation of Pak Rupee had created difficulties for businesses.

Zubair Tufail, former FPCCI president, said that the proposed budget would encourage smuggling of goods.

He said that banks should be asked for instant processing of refunds in case the zero-rating was abolished.

Mirza Ikhtiar Baig, business leader, said that the business community was meeting with people in the government and opposition.

He said that a delegation of Pakistan Peoples’ Party headed by its chairman Bilawal Bhutto Zardari was visiting FPCCI on June 22, 2019. But we are meeting first with the government tomorrow (June 21), he added.

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