LAHORE: Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq said the 39 percent accumulated taxes on heavy industries was one of the highest not only in the region, but also in the world.
He said the industrial sector is already plagued with high trariff of gas and electricity clubbed with hefty local taxation by Federal and provincial governments.
He said under these unhealthy circumstances of ease of doing business ,country can not move forward to achieve the desired target of economic growth.
He said with the levy of 10 percent super tax, the overall levy will go to 39 percent which is the highest ever in memory of Pakistan.
He said hefty taxation on heavy industries will discourage foreign and local investors which ultimately hamper the process of rapid industrialisation.
He said coalition government must ensure business friendly environment in the country otherwise it will directly hit the heavy industry resulting million of workers jobless which will further add to the miseries of have-nots and down trodden.
Mian Kashif Ashfaq said over taxation will also badly affect the exports targets as Pakistan wouldn’t be able to compete globally in view of higher cost of production compared to new competitors.
He demanded the government to withdraw all unjustified taxation from all types of industries to help flourish the economic growth which added is pre-requisite for the survival of the country.
