Rs 67 billion mini budget to hit masses, businessmen and external sector: Mian Zahid Hussain

Islamabad, November 13, 2015 (PPI-OT): President; Pakistan Businessmen and Intellectuals Forum (PBIF), All Karachi Industrial Alliance (AKIA) and First Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain on Friday said mini budget of Rs 67 billion by OGRA will increase difficulties of masses, businessmen and external sector.

The gas tariff hike will leave many industrial units bankrupt reducing revenue and increasing unemployment, he said.

Government should reconsider imposing Rs40 billion in new taxes after the mini budget as now it is not justified, said President; Pakistan Businessmen and Intellectuals Forum (PBIF) , All Karachi Industrial Alliance (AKIA) and First Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain.

He said that OGRA has increased theft and losses of the gas distribution companies from 4.5 percent to 7 percent without considering its impact on masses which is unethical as well as illegal.

The business community strongly condemn the move which has legalised theft and held honest consumers responsible for it which is violation of their basic human rights.

Mian Zahid Hussain said that government should speed up withdrawal of SRO and bring exempted sectors in the tax net.

Criticizing exchange rate erosion, he said that this has transferred billion of rupees from pockets of poor to vaults on an influential lobby.

Mian Zahid Hussain said that devaluing currency will prove counterproductive as government should have tried to reduce cost of doing business of the export industries.

Winter has set in which will result in disconnection of gas supply to industrial sector which will leave devaluation of rupee useless.

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