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Iftikhar Ali Malik Cautions Against New Tax Measures in Karachi

Karachi, Iftikhar Ali Malik, former President of the SAARC Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce and Industry, has voiced concerns about the potential repercussions of new tax measures on the economic environment, emphasizing the risks of increased taxation on poverty and business operations.

According to United Business Group, Malik highlighted the critical nature of the current economic scenario and the proposed tax reforms, which he believes could overly burden the populace and exacerbate the hardships of those already struggling financially. He argued that the tax reforms need to focus on expanding into new economic sectors rather than imposing additional taxes on existing ones.

Malik pointed out specific concerns regarding proposed taxes on agricultural commodities like pesticides, which he said could deepen poverty and hinder economic growth. Additionally, increases in fees for essential services such as passports, national identity cards, stamp papers, driving licenses, and regulatory compliance could further strain the economic resilience of individuals and businesses.

He called for a strategic approach to tax reform that supports sustainable economic and GDP growth without imposing undue hardship on the population and the business community.

The post Iftikhar Ali Malik Cautions Against New Tax Measures in Karachi appeared first on Pakistan Business News.

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