HSATI Appeal Government To Withdraw Additional Turnover Tax

The Hyderabad SITE Association of Trade and Industry (HSATI), expressing reservations over imposition of additional 1.5 percent turnover tax, appealed to the federal government to withdraw the decision in the larger interest of industrial development

HYDERABAD, (UrduPoint / Pakistan Point News - 23rd Jul, 2019 ) :The Hyderabad SITE Association of Trade and Industry (HSATI), expressing reservations over imposition of additional 1.5 percent turnover tax, appealed to the Federal government to withdraw the decision in the larger interest of industrial development.

In a joint statement here on Tuesday, the Chairman HSATI Muammad Shahid Kaimkhani, Patron-in-Chief Mazhar-ul-Haq Choadhry and Convener HSATI Sub-Committee on FBR Muhammad Shoaib have said that the industrialists were already paying 29 percent tax and imposition of additional taxes could cause heavy financial losses to them.

They said that though the government had reduced 0.2 percent to 0.5 percent taxes in different sectors but the increase of 1.25 percent to 1.

5 percent additional overturn tax could disrupt investment in the industries and industrial zones.

The recent price hike has already affected purchasing power of common people and now they cannot afford the price enhancement on commodities as a result of imposition of additional taxes, the added.

They appealed to Prime Minister Imran Khan, Adviser on Finance Abdul Hafeez Shaikh and chairman FBR Shabbar Zaidi to review the decision of the imposition of additional turnover tax for the larger interests of industrial development. The additional overturn tax should b withdrawn and if it was inevitable, than the government should charge the tax at the rate of 0.3 percent as the industrialists cannot afford 1.5 percent tax in this regard, they added.