FPCCI wants changes in Finance Bill 2017
While playing down fears of closing down business operations as a sign of protest, FPCCI President Zubair F Tufail warned the government of dire consequences if crippling clauses from the Finance Bill 2017 were not removed or replaced.
“After a series of meetings and consultations with our Members of Trade Bodies throughout the country, 11 harsh measures of the Finance Bill have been identified,” Tufail elaborated while addressing a press conference.
The timing here is of ultimate importance since the Finance bill will come into force on June 14. Most of the country’s business and trade bodies including PBC, APTMA and OICCI are also on board in rejecting the Finance Bill.
Specific clauses FPCCI wants removed are 1.25% turnover tax especially for those units that posted losses, reducing electricity and gas tariffs for the export sector to increase competitiveness and discontinuation of the Super tax which is stifling foreign investment.
A reduction of 25% in utility tariffs for the export sector has been highlighted as necessary for cost parity to enable local manufacturers to compete internationally.
Singling out Finance Minister Ishaq Dar, Tufail urged him to fulfill the promises of creating a business enabling. In the same vein, the finance minister was asked to ensure Income and Sales Tax refunds immediately to ease cash flow problems for exporters.