SCCI rejects imposition of new taxes of Rs415b

F.P. Report

PESHAWAR: Sarhad Chamber of Commerce and Industry categorically rejected imposition of new taxes worth Rs415billion in 2023-24 budget on behest of the IMF, terming it as venomous for the national economy, businesses and industries.

In a statement on Monday, the SCCI acting president Ijaz Khan Afridi said the additional burden of taxes will bring a new storm of inflation in the country that could not only affect the trading community but people from different walks of life miserably.

He urged the government to revisit its decision and withdraw it in the best interest of the national economy, businesses, industries and trade.

Ijaz Afridi warned that SCCI along with traders’ community will strongly agitate if the government didn’t withdraw additional taxes that were imposed through the new budget 2023-24. He was of the view that imposition of new taxes was tantamount to pushing the further crippling economy into severe danger situations. He stated traders’ community has already suffered a lot owing to anti-business policies of the present government.

The SCCI acting chief said it was completely unjust to impose Rs415billion on inflation stricken people by following the directions of IMF, which was unacceptable so we reject it completely.

He expressed serious apprehensions about a hike in electricity, gas tariffs and prices of essential commodities after taking massive taxation steps by the present coalition government, which will miserably hit the business community and people as well.

On the occasion, Ijaz Afridi rejected the historic increase in policy rate by the State Bank of Pakistan, raising it by 100 basis points to 22%. He said the policy rate hike will bring negative impacts on trade, commercial and industrial activities. He criticized the incumbent government for failing to arrest the economic and inflation slide despite making an unprecedented increase in interest rate.

The SCCI acting chief urged the government to take concrete steps for revival of ailing economy, commercial and trade activities instead of making them standstill by anti-business initiatives and keep industrial and business wheels running and lead the ‘cash-starved’ national economy toward stability and improvement.