ICCI urges Government to withdraw 400 percent hike in income tax rate on turnover of flour mills - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- June 15, 2021 (PPI-OT)

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

Quote

Abdul Rehman Khan, Vice President, Islamabad Chamber of Commerce and Industry, said that the government in the current budget has increased the income tax rate on the turnover of flour mills from 0.25 to 1.25 percent, which is a 400 percent increase in one go and would cause sharp rise in flour price. Therefore, he demanded that the government should immediately withdraw the unjustified increase in income tax rate on turnover of flour mills to save the general public from high inflation. He said this while addressing a meeting of the business community at ICCI. Former Senior Vice Presidents ICCI Khalid Chaudhry and Naveed Malik, former Vice Presidents ICCI Saif ur Rehman Khan and Saeed Ahmed Bhatti, former Executive Member ICCI Ch. Mazhar and others were in the meeting.

Abdul Rehman Khan said that the sales tax on bran was abolished four years ago which was welcomed by the flour millers but in the current budget a sales tax of 17% has been imposed on bran which will also give rise to inflation. "Flour is a basic need of the people and the high cost of flour has a direct impact on the life of the common man," he said. Finance Minister Shaukat Tareen should immediately withdraw the increase in income tax rate for flour mills and the imposition of sales tax on bran in the budget to save the people from further miseries.

The ICCI Vice...