ISLAMABAD
\nThe Federation of Pakistan Chambers of Commerce and Industry\u2019s Businessmen Panel (BMP) has warned of imposing additional taxes, as the government is finalizing the mini-budget of Rs360 billion, planning to impose more taxes on about 140 industrial raw material and essential items, beside raising tax ratio on phone calls, leading to further hike in inflation which is already in double-digit.
\nThe Businessmen Panel (BMP) chairman and FPCCI ex-president Mian Anjum Nisar said that the regular attempt of economic managers to impose new taxes and increasing oil prices along with the hike in power and gas tariffs will ultimately harm the government\u2019s overall move of reducing the production cost for the businesses.
\nHe said the government has decided to slap 17% GST on at least 140 types of consumable goods and industrial machinery to raise Rs353 billion worth of taxes.
\nMian Anjum Nisar said that industry is the main victim of this IMF interference, as donors\u2019 involvement in Pakistan\u2019s economic matters and dictations to the policy makers for taking harsh measures would add to the economic miseries of the country.
\nThe BMP Presidential candidate in FPCCI elections Irfan Iqbal Sheikh said that after new taxes in the mini-budget the prices of goods, including milk, cereals, bakery items, meat, chicken, gold, bicycles, cars including electric cars, mobile phones will rise, unleashing another wave of inflation in the country. He said that inflation has jumped to 11.5% last month and the State Bank of Pakistan has also upward adjusted its inflation projection to the range of 11% for the current fiscal year, as the government is also in process of withdrawing electricity subsidies.
\nIrfan Iqbal Sheikh, who is former LCCI president, said that the inflation rate is the highest in the country among all the South Asian nations, according to a World Bank report.
\nHe said that a major chunk of the revenue will be generated in mini-budget by slapping 17% tax at the import stage on nearly 80 items which are raw materials for the manufacturing of medicines, cereals, live animals, birds and eggs, meat, fish, fresh vegetables, fish feed and animal feed. The imported plant and machinery will also be subject to 17% sales tax rates including those purchased for setting up power generation and transmission projects. Similarly, the machinery for renewable energy including solar, wind and nuclear power generation will also attract 17% sales tax. The world is moving towards alternate source of electricity generation but the government\u2019s policies are contrary to the global direction.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Federation of Pakistan Chambers of Commerce and Industry\u2019s Businessmen Panel (BMP) has warned of imposing additional taxes, as the government is finalizing the mini-budget of Rs360 billion, planning to impose more taxes on about 140 industrial raw material and essential items, beside raising tax ratio on phone calls, leading to further hike in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-233710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n