Flexibility demanded on bank tax issue

Karachi: Trader leader and Chairman of the United International Group Mian Shahid on Sunday said business community acknowledges role of Finance Minister Ishaq Dar in national development.

The tireless efforts of finance minister have resulted in stability in the foreign exchange reserves which is a great service to the nation, he said.

He lauded the Finance Minister Ishaq Dar for accepting some of the tax proposals forwarded by the business community as withdrawal of some new taxes while relaxations in the others will has infused confidence in the business community.

Mian Shahid said that Sales Tax (ST) has been abolished on the poultry feed and reduced on the drinks as well as oilseed while customs duty on oilseed has been eliminated.

He said that income tax relaxation to local mobile manufacturers and encouraging industry to import machinery on lower costs will help industrialisation, generation of taxes and jobs.

The relaxations granted to Khyber Pakhtunkhwa has been expanded to the province of Balochistan while ST on insecticides has been reduced and 20 billion rupees have been earmarked for fertiliser subsidy which will help agriculture sector.

The business leader said that eighty percent of all the economic activity is generated by the private sector which needs to be facilitated.

He said that the finance minister should show flexibility on the issue of bank tax and come up with a formula which is acceptable to all the stakeholders.

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