Businessmen want cut in tax ratio on oil products to facilitate trade, industry

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ISLAMABAD:    While condemning the jump in rates of petroleum products, the Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel Chairman Mian Anjum Nisar has called for reducing tax ratio on oil products to support the trade and industry, as the government has been charging very high petroleum levy and sales tax on petroleum products. Calling for uninterrupted gas supply to the industrial sector, he urged the government to up-grade gas distribution and supply system to avoid losses.
In a statement issued here on Saturday, Mian Anjum Nisar, observed that with a view to improve the cash flow of businesses at this crucial time, the government will have to facilitate the industry through reduction in tax ratio on all items including the oil products, besides lowering the markup rate, as the country’s economy is going through a challenging phase of post-Covid-19 pandemic. He said that at a time when country’s GDP ratio was very nominal amidst high cost of doing business, the industry needs maximum support and relief.
He said that the economy of Pakistan had severely affected by the Corona Virus disease (COVID-19), as the industries particularly the SMEs are striving to deal with the post-Corona economic crunch and need to get support. Instead of providing subsidies or waivers, it is unjust to overburden the industries with hike in cost of production. An increase in petroleum products costs will further weaken the economic environment which is already under threat on various fronts.