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. He also urged to curb smuggling and SRO “Mafia” as the both are the worst woes of economic and industrial growth in the country.
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. He also urged to withdraw unnecessary subsidies for particular sector as these cause heavy burden on national exchequer and taxpayers.
He was of view that a “SRO Mafia” always tries to get and provide benefits from certain circles and just for their wasted interest they are destroying laws and competitive environment which is of the significant factor for industrial growth in any country. He said on other hand smuggling have become a great challenge for the local industry as well and some strong legal and administrative instrument should be applied to eradicate this disease.
President of KATI said that economic condition were already declining and after coronavirus 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.