FPCCI For Cut In POL Levy, Taxes

FPCCI for cut in POL levy, taxes

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to slash the levies and taxes ratio on oil to support the industry and trade

LAHORE, (UrduPoint / Pakistan Point News - 31st Oct, 2020 ) :Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to slash the levies and taxes ratio on oil to support the industry and trade.

FPCCI President Mian Anjum Nisar observed that the petroleum levy had been kept on maximum side, while POL prices were stable in the international market.

He said that trade and industry could have reaped more benefits of the drop in global oil prices and the rates could have been reduced further if this levy had not been increased.

He said that during the tenure of the previous government, the petroleum levy was charged in the range of Rs3-10 per litre, however, GST was higher than the current rate. As GST is shared with the provinces, the Federal government slashed the sales tax but raised the petroleum levy in a bid to collect more revenue.

He said that Pakistan's economy was going through a challenging time due to the outbreak of COVID-19 pandemic.

With a view to improve the cash flow of businesses at this crisis like situation, the authorities need to support the economy through decline in taxes ratio on all items including the POL products.

He suggested that business-friendly policies be adopted like other neighboring countries of the region for trade and industry.

He said that sizeable cut in oil rates would bring down the cost of doing business and Pakistan's products would get their due share in the global market.

He called upon the government to address the key issues of trade and industry, facilitate the economic growth along with improving tax revenue of the government.

He said that COVID-19 badly affected business and industrial sector, and urged the government to bring down GST in order to ease the difficulties of businesses.

He cited that low prices of POL would reduce the cost of doing business, attract new investment, promote industrialization and create new jobs.