GST be reduced to 14 pc, demands KCCI president.

KARACHI -- President Karachi Chamber of Commerce and Industry (KCCI) Agha Shahab Ahmed Khan has stressed that the rate of GST should be reduced by 3 percent to 14 percent from current 17 percent to provide much needed relief to trade, industry and consumers.

Highlighting, the budget anomalies identified by KCCI which have been submitted to the Anomalies Committee (Business and Technical), President KCCI advised to further withdraw 3 percent tax on Sales to Unregistered persons to facilitate transactions.

Agha Shahab said that It is unjust to force suppliers to provide CNIC of unregistered person and pay 3% Further Tax at the same time. After getting unchecked access to the data base of citizens, Federal Board of Revenue (FBR) should be made responsible to broaden the tax base and register all entities in Sales Tax regime so that suppliers are not forced to sell to Unregistered persons.

He further pointed out that after acquiring powers by FBR to access data of citizens from institutions and organizations such as FIA, Banks, NADRA and airlines etc., a major security risk has been created for citizens/taxpayers. Hence, Adequate safeguards may be inserted in the law and exemplary penalties be fixed in the provisions in case if the data is compromised by an official while access to data should be limited to officers in higher grades only, he proposed.

President KCCI said that the phenomenal increase in rate of FED from 13% to 25% on Caffeinated Energy Drinks is unjust and discriminatory. Caffeinated Energy Drink is produced by only one of the two major producers of beverages in Pakistan who contributes a major portion of over Rs.100 Billion in Tax revenue. The unjust increase is tantamount to targeting one producer and is discriminatory. Any tax should...