CHI - The Karachi Chamber of Commerce and Industry (KCCI) has received huge dissatisfaction over the Federal Budget 2009-10 from its members and to discuss such anomalies it is holding an emergency meeting with traders, industrialists and representatives of trade associations on Wednesday (today).
KCCI President Anjum Nisar while talking to the Nation said that they are not satisfied with the budget because imposition of unnecessary taxes will not let the industry to sustain anymore.
It is not possible for us to work in such claustrophobic structure of taxes, while all the chambers of the country have also showed their dissatisfaction with the budget, so we will have to decide our line of action now, he added.
Qamar Usman, Chairman Taxation Sub Committee, KCCI, told the Nation that instead of supporting traders and exporters in this time of need, the government has taken measures that are completely against the interests of both traders and the countrys economy.
It is sad that some steps have been taken in the name of generating much revenue to invigorate countrys economy such as FBR has established an intelligence wing to investigate the importers minimum tax values, he added.
The other steps include unrestricted authorities of Director Value addition who now does not have to have evidence to suspect businessmen, additional 5% imposition of tax on AOPs, rather than banks and other institutes, in the name of Swat and Buner rehabilitation and the bonus of services, on more than 10-year government service, to be taxed 30% by the government, he informed.
Moreover, the income tax officers are now permitted to determine value of any property, which seems as if the government is letting the door of bribe open through making this contact of public and income tax officers direct, he asserted.
He illustrated such steps taken by the government under the shade of Swat and Buner situation which will make the business community to have huge loses, and it is not possible for us to go with it any more.
It is also told that traders and business community might go on strike if their demands of laying off unnecessary taxes would not be entertained.