KARACHI
\nThe Salt Manufacturers Association of Pakistan (SMAP) has expressed deep concern over the proposed shift from a 1% turnover-based Fixed Tax Regime (FTR) to the standard taxation rate of 29% of taxable profit in the Federal Budget 2024.
\nThe association warned that this change would be \u201cdisastrous\u201d for Pakistan\u2019s export sector and urged that the proposal to remove exports from the FTR must be immediately rejected to prevent further economic crises.
\nIn a statement, Chairman SMAP, Qasim Yaqoob Paracha, said, \u201cWe stand united with Pakistan\u2019s export industries in vehemently opposing the proposed abolition of the fixed tax regime in the federal budget.
\nThese budget proposals threaten to escalate harassment and corruption by tax authorities, driving away investors and creating an environment of uncertainty for businesses.\u201d
\nSMAP went on to categorically reject the proposed tax changes, labeling them \u201cdraconian measures.\u201d Mr. Paracha stressed the severe difficulties businesses would face if these measures were implemented, potentially jeopardizing their very survival.
\nQasim Yaqoob Paracha urged the government to reconsider these \u201cdetrimental changes,\u201d emphasizing their potential negative impact. They warned that if the proposal remains on the table, SMAP, in collaboration with other export industries nationwide, would be forced to \u201cexplore all available avenues\u201d to challenge it.
\nSMAP reaffirmed its commitment to advocating for policies that promote sustainable growth for Pakistan\u2019s export-driven businesses. The association urged policymakers to prioritize dialogue and consensus-building with stakeholders when formulating future tax reforms.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI The Salt Manufacturers Association of Pakistan (SMAP) has expressed deep concern over the proposed shift from a 1% turnover-based Fixed Tax Regime (FTR) to the standard taxation rate of 29% of taxable profit in the Federal Budget 2024. The association warned that this change would be \u201cdisastrous\u201d for Pakistan\u2019s export sector and urged that […]<\/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-414105","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n