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KATI demands a similar tax regime for all industries in upcoming budget

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KARACHI: President of Korangi Association of Trade & Industry (KATI) Sheikh Umer Rehan has demanded that government should ensure a similar tax regime for all industries in upcoming budget and take necessary measures for it. In a statement released by KATI he mentioned that there is a long history to of providing tax relaxation and unnecessary benefits to the particular class on the cost of national interest. He urged to end up any such special status for particular sectors and make a simple and easygoing tax system which would be applicable for all industries and businesses.
Sheikh Umer Rehan said there is need to make simple taxation system and in this regard FBR should take all stakeholders into confidence. He was of view that the biggest hurdle in the way of industrial growth is increasing production cost which can be cut by lowering energy and raw material prices, “only the industrial growth can provide solution to many economic challenges so this would not be a big deal to provide it relief” he added. He also suggested measures to bring direct foreign investment and decrease of direct and indirect taxes to support industry.
President of KATI said that economic condition were already declining and after corona virus crisis business community could not bear any single additional tax in upcoming budget. “Government should consider all suggestion and reservations of industrial and business community while preparing finance bill for next financial year” he urged.