HCCI Opposed Tax Exemptions For Oil, Ghee, Steel Industries In Tribal Areas

President of Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui has said the tax exemptions extended to Federal and Provincial Tribal Administered Areas are causing financial losses to the industries of steel, edible oil and ghee in the country's 4 provinces

HYDERABAD, (UrduPoint / Pakistan Point News - 18th May, 2024) President of Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui has said the tax exemptions extended to Federal and Provincial Tribal Administered Areas are causing financial losses to the industries of steel, edible oil and ghee in the country's 4 provinces.

In a statement issued here on Saturday he pointed out that receivables in steel, edible oil and ghee industries amounted to hundreds of billions of rupees. He believed that the tax exemptions were being availed in an unjustified way and demanded an impartial audit of those exemptions.

On behalf of the business community, he called for putting an end to the discrimination being made with the steel, edible oil and ghee industries of the 4 provinces.

According to him, the oil, ghee and steel being manufactured in the tax-exempt industries of the tribal areas, are sold in the cities of the 4 provinces at throwaway rates owing to which the production of the local industry was losing markets. Due to the higher cost of production in the country's urban areas' industrial zones, the industrialists are also paying higher taxes, he said and warned that if the discrimination was continued, the local steel, edible oil and ghee industries would be destroyed.