Sunday, July 25, 2010

Pakistan business community is frustrated with new budget policy

The Federal budget for FY 2010-11, introduced in Pakistan in June 2010, imposed new taxes and which made the country’s business community very unhappy. Moreover, they are confused with the new tax policies.

Recently, Karachi Chamber of Commerce and Industry (KCCI) talked with Sohail Ahmed, Chairman, Federal Board of Revenue, Pakistan to clarify their confusions and issues over new taxes introduced in the budget.

KCCI representatives expressed their frustration of rising harassment by tax authorities and not forming any committee to address the budget anomalies by the Ministry of Finance.

Abdul Majid Haji, President, KCCI, said that business community had high expectations from the current government of Pakistan but there had been no major change in the policies. The government has been trying hard to increase its tax collection but the new policies would not do much good.

Mr. Majid said that the newly introduced budget did not focus on growth of the domestic industry, problems of common people and self-reliance of the business people.

Sohail Ahmad admitted that business community is having problems with GST and VAT. He said that committees for direct and indirect taxation and customs would be formed. He also said that previous policies would continue and there would be no harassment. Self-assessment would stay but it would be properly implemented this time.

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