Business community opposes mini-budget

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KARACHI: The business community of the country has appealed to the President Asif Ali Zardari not to sign the presidential ordinance, which will allow caretaker government to raise Rs152 billion through introduction of a mini-budget.

The SITE Association of Industry in an emergent meeting held on Thursday has resented strongly any mini-budget before the newly elected government to take oath shortly, said a press statement.

Dr Arshad A Vohra, chairman of the association and executive committee agreed unanimously that any mini-budget with heavy taxes before the end of the fiscal 2013 was tantamount to sabotaging the already crippled economy and worst affected business community at large. The industry is already suffering badly from strikes and riots and the approval of mini-budget will hit the economy like a drone attack.

Public will be suffered in case of increase of GST from 16 to 17 percent, five percent tax on new car, and 10 percent withholding tax on an electricity bills showing a consumption of more than 1,000 units, it said. The Karachi Chamber of Commerce and Industry (KCCI) and Pakistan Leather Garments Manufacturers and Exporters Association also raised their objections in their separate statements.

The KCCI said the mini-budget will augur well for the black economy, smuggling, tax evasion, under-invoicing, and mis-declaration.

Courtesy: The News

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