Currency devaluation, Rs40 billion new taxes will break back of masses and business community: Mian Zahid Hussain

Islamabad, November 11, 2015 (PPI-OT): Pakistan Businessmen and Intellectuals Forum (PBIF) on Wednesday said falling exports, six percent erosion in exchange rate and new taxes worth Rs40 billion will break the back of masses and business community. New taxes are bring imposed on the behest of IMF as exports fell by$1.25 billion in the first four months hitting revenue while FBR is held responsible for the fall in revenue which was result of unrealistic collection target, it said.

The reduction in imports by 12.5 percent has also resulted in reduced revenue earning which should not be discounted, said President; PBIF, All Karachi Industrial Alliance (AKIA) and First Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain.

He said that export managers prefer politics over their responsibilities which has damaged exports, revenue and external sector leaving government with no option but to slap new taxes. Delay in imposing new taxes on existing taxpayers can jeopardise 10th tranche of 502 million dollars of IMF loan worth 6.2 billion dollars, he added.

Mian Zahid said that laxity on the part of IMF has slowed the pace of reforms in Pakistan which is against the national interests. He said that government is yet to announce new taxes and the targeted sectors which has triggered anxiety among the business community.

For more information, contact:
Mian Zahid Hussain,
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net