Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) has shown great concerns over the presentation of a mini-budget in the national assembly as its passage would hit the growth of many businesses and unleash a new wave of high inflation across the country putting unbearable burden on the common man and causing further slump in the economic activities. Muhammad ShakeelMunir, President, Islamabad Chamber of Commerce and Industry said that the business community has been demanding of the government to promote ease of doing business and introduce low tax rates to facilitate the better growth of business activities that would help in economic revival of the country. Contrary to their demands, the government has introduced a mini budget to withdraw sales tax exemptions worth billions of rupees on industrial machinery, pharma sector and imported food items that would increase the cost of production activities and further hike inflation. He said that the mini-budget has proposed to increase the rates of federal excise duty, income tax and sales tax on services in the federal capital territory that would put more burden on the business community and affect their business activities. ONLINE
He said that the government has also imposed 17 percent sales tax through min-budget on mining sector that would increase its production cost and affect exports of marble & granite products, which would be harmful for the economy.
