- PM didn’t budge on request for reduction in GST and removal of CNIC condition for Buy and Sell
- Imran Khan asked the businessmen to support government’s policies and become its partners
Prime Minister Imran Khan was on a One-day visit to Karachi on Wednesday where he met the business community of the city to hear their concerns over the budgetary measures taken by the government.
However, the defiant air of the Ruling Party was evident as Prime Minister Imran Khan refused to consider the traders’ demand for withdrawing CNIC condition for sale and purchase activities citing that trading activities will no longer be run on the old pattern.
Advisor to PM on Revenue and Finance, Abdul Hafeez Sheikh and FBR Chief also accompanied the Prime Minister and also shared the same view.
The advisor to the PM, Abdul Hafeez Sheikh said that the government will not compromise on tax-related conditions and everybody has to pay tax.
Concerns of the Industries
Representatives from the textile sector also shared their concerns with the PM. Textile sector pointed to an anomaly in the budget where customs duty on imports of machinery was raised from 2% to 4%, along with 5% income tax on electricity. They also added that at the time of imposition of Sales tax it was decided that previous Sales tax refunds will be auto-generated however this didn’t happen.
The issue of Sales tax on the textile sector and CNIC condition was also discussed at length. Prime Minister asked the textile sector to discuss these issues at length at a meeting to be held on Friday with businessmen.
Talking to the business Community PM Imran Khan asked the businessmen to support the government’s policies and become its partners towards the prosperity of the country.
Representatives from Auto Manufacturing sector lamented the dismal Car sales owing to high prices after currency devaluation and imposition of higher taxes imposed including FED and Custom Duty. They added that how the government will collect more revenue from this sector if car sales will decline. Abdul Hafeez Sheikh while responding to the concerns said these taxes were also imposed on other sectors and the government will analyse its overall impact in coming months.
Proposal from Construction Sector
Prime Minister agreed to a request from Chairman Association of Builders and Developers (ABAD), Mohammad Hassan Bakhshi to rationalise valuation rates of property in Lahore, Hyderabad and Karachi.
ABAD Chairman further added that Cement and Steel cartel should be investigated which are increasing the prices without any let-up.
He also put a proposal that Builders should be allowed to sell the property to overseas Pakistanis in US Dollars against which the import of Construction Materials for equal Dollar proceeds be considered without any duty or taxes.
ABADA Chairman also put a proposal for exempting persons buying the property of up to Rs. 10 million from Wealth reconciliation.