RGST undesirable for business promotion in Pakistan

27 Nov '10

1 min read

Syed Fahim Mehmood Shah, Chairman, Pakistan Yarn Merchants Association (PYMA), recently stated that, the Reformed General Sales Tax (RGST) was undesirable and dangerous for business promotion. He added that, if the government tries to impose this unjustifiable tax irrationally, the entire trading community of the nation would firmly oppose and challenge its imposition.

Shah said that implementation of the Reformed General Sales Tax, being a controversial issue, should be delayed till the country's dwindling economy recovers and the bank's mark-up rate and the inflation rate are successfully lowered to 7-8 percent.

He revealed that, unplanned and extended load shedding and gas supply cuts have caused several industrial units, particularly the textile processing and finishing units in the country to shut down, while rendering lakhs of people unemployed.

At a time when mounting prices of consumer products are worrying people, if the RGST is implemented, it would further add to the difficulties of the people and worsen the situation, he said.

He urged the Punjab Government Assembly to not allow the imposition of RGST. He welcomed the stand of MQM leader, Altaf Hussain and Parliamentary leader Farooq Sattar to firmly oppose the enforcement of RGST.

Fibre2fashion News Desk-India

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