The business community has expressed grave concerns over government’s proposal to abolish income tax exemptions and impose new taxes in a ‘mini-budget’.
In a statement on Friday, Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf said that the leadership was preparing Rs360 billion mini-budget by imposing 17% sales tax on about 140 essential consumable and industrial goods. In addition, 50% increase in the income tax rate on phone calls was also on the cards, he said.
The government has introduced the bill in order to meet the conditions of the International Monetary Fund (IMF).
Rauf termed it a negative move and stated that the mini-budget would further increase the cost of doing business and hike inflation.
Published in The Express Tribune, December 18th, 2021.