More taxes will be detrimental to economy.

Position:Khurram Shahzad of Karachi Chamber of Commerce and Industry
 
FREE EXCERPT

Another mini-budget or imposition of additional taxes to overcome the yawning deficit would be greatly detrimental to the economy, said Karachi Chamber of Commerce and Industry Acting President Khurram Shahzad.

Industries and businesses are already underperforming due to the imposition of exorbitant taxes and they would be unable to sustain the impact of any additional taxes, he remarked in a statement issued Friday.

"The business and industrial community is not in a position to bear any more shocks as this would lead to the closure of many businesses and massive unemployment," he said.

The government must strictly refrain from such anti-business and anti-industry moves, he advised.

In reference to a forthcoming visit of the International Monetary Fund (IMF) team to discuss fiscal issues with special focus to restrict target of primary deficit within the desired limits, he pointed out that under the IMF conditions, the primary deficit was to be brought down from 1.8percent of GDP to 0.6percent of GDP...

To continue reading

REQUEST YOUR TRIAL