ICCI demands withdrawal of new taxes levied in Budget 2019-20 - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- July 08, 2019 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

Quote

The Islamabad Chamber of Commerce and Industry said that the current government has abolished zero-rated facility for export industry and levied many new taxes on trade and industry in its first annual budget due to which the business community of the entire country was protesting as these taxes have caused slump in business activities. It called upon the government to withdraw new taxes levied in budget to save the businesses from further losses.

Ahmed Hassan Moughal President, Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce and Industry said that instead of imposing new taxes on businesses, government should take measures to promote ease of doing business and focus on broadening the tax base with reduced tax rates that would help in improving tax revenue and the overall economy of the country.

Ahmed Hassan Moughal said that government had already enhanced the prices of gas, electricity and POL products due to which the general public was facing high inflation. He said that imposition of new taxes on businesses in budget has further pushed up the prices of daily use items of people including sugar, ghee and other eatables due to which the life of common man has become very miserable.

He said the reduced purchasing power of people was also affecting...