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Exports down by 14 percent, debt servicing to eat Rs 1803 billion

Islamabad, June 22, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Wednesday criticised policy of slapping additional taxes on profitable sectors which will discourage investors.

Government should remember that there were 1.6 million filers in 2006 but now the number has dropped to one million due to such policies, it said.

Authorities should reduce reliance on indirect taxes and prefer direct taxation which is going down, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

He said that exports have reduced by 14 percent while agriculture has dwindled to the level of 2009 while foreign direct investment has remained one billion dollar while FDI in Indonesia remained 29 billion dollars during last one year.

He said that overreliance on loans has stabilised foreign exchange reserves but it has also pushed debt servicing cost to Rs 1803 billion which is a matter of grave concern.

Shahid Rasheed Butt said that the good performing sectors include telecom, corporate, services, banking, cement and construction sectors that have been punished through additional taxation while super tax has resulted in reservations discouraging investors.

He said that stock market situation is satisfactory but it should be properly regulated so that local and foreign investors can invest without any fear.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174

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