Opposing tax measures against national interests: Business leader
ISLAMABAD: The business community is resisting tax measures which amount to playing with the fate of the country, a business leader said Wednesday.
The retail sector is almost 20 percent of the GDP while tax collected from this sector is insignificant which must be improved to ensure national development, said, Shahid Rasheed Butt former President ICCI.
The unprecedented profits of the business community are not as important as the national interests, therefore, the businessmen should also brace for sacrifice, he said.
Shahid Rasheed Butt said that some of the business leaders keep their interests above the national interests which is unpatriotic and intolerable.
He said that tax collection in July fell short of the target by Rs14 billion while resistance by the business community will result in unmet targets pushing the government to squeeze existing taxpayers and increase sales tax which will hit masses.
The government may opt for introducing a mini-budget which will take a toll on the masses and the only way to avoid such a desperate move is that trading community should discharge their national obligation by paying taxes.