Acting President of Korangi Association of Trade and Industry (KATI) Farrukh Qandhari has rejected the government’s presentation of the mini budget, removal of 343 billion subsidies, and increase in taxes. He also expressed concern over the rise in prices of petroleum products.
Farrukh Qandhari said that the mini-budget would not only destroy the industry but also increase the burden on the people. He said that instead of expanding the tax net, the government was increasing the burden on the existing taxpayers, they are already paying more than they can afford. On the other hand, the government has increased the prices of petroleum products, which will further increase inflation.
The Acting President said that in the past the government used to bombard the people with inflation but now prices of every sector are being increased. A few days ago the price of electricity was increased, then new taxes were imposed in the mini-budget and on New Year the people were given the gift of inflation by increasing the prices of petroleum products. He said that due to this situation it was becoming difficult to run the industry, there was a growing fear of closure of Industry and unemployment, which could lead to an increase in crime.
Farrukh Qandhari said that instead of increasing the burden on the existing taxpayers, the government should increase the tax net and reduce the indirect taxes on the poor.