Federation of Pakistan Chambers of Commerce & Industry to go to extreme of no remedial steps would be taken before passing the bill.
The business community, including the PBC, OICCI, and APTMA has rejected the finance bill of 2017. The FPCCI will address the concerns and will argue the government to remove the irritant and harsh measures otherwise the trade industry will take extreme steps against the bill, said was so by Mr. Zubair Tufail, the President of FPCCI.
Elaborated by Mr. Tufial is that the series of meeting and consultation with the members of the trade body has led to 11 main measures in the bill that are irritant and harsh to deal with. The proposals were already sent to the PM Mr. Nawaz Shareef and the Finance Minister, Ishaq Dar for resolution before the bill is passed. The bill is expected to be passed after the mid of June, this year.
According to Mr. Tufail the bill was extremely disappointing for the entire business community, including the textile industry of Pakistan that is already facing a huge sum of difficulties and processing, due to lack of practical support from the government. It was also said that the bill carries some harsh measures that will have a direct impact in increase of the tax turnovers. On the other hand the gas tariffs, specifically for the export sector were high as compared to the competing markets in the region. Demand was 255 reduction of the gas and electricity tariff with an immediate implementation.
The President of FPCCI said that the business community also rejected two percent further tax on sales to unregistered persons as It is a burden on registered persons as unregistered persons are not paying and registered persons spend billions of rupees on purchase of flying invoices. The president also said that if the government did not accept the demands, then the body has choice none other than to support the stakeholder in anti-government decisions.
