LAHORE: Faisal Afridi, a businessman, has urged the government to bring down tax rates to facilitate Pakistani businessmen to make joint ventures with Chinese companies.
Talking to reporters, he said that the government should decrease the tax burden on the local industry so as to facilitate joint ventures with Chinese entrepreneurs.
He pointed out that the cost structure of the local industry is burdened with heavy taxes due to which about 30 percent of the revenues generated go to the government. Thus, the heavy burden of taxes needs to be addressed prudently, he said. Giving break-up of the taxes, he observed that 15 percent sales tax and 10 percent excise duty on imported raw materials makes the industry uncompetitive both in local and international market.
