Thursday, November 21, 2019

Withdrawal of zero-rated regime to hit exporters, economy: Mian Zahid


Hong Kong: Students movement threatens the next escalation

Possibly it was due to the mediators that worse could be prevented in Hong Kong. The deputies, lawyers and...

Trump said: Sondland is great American now President’s famous ‘U-turn’

President Donald Trump has a history of distancing himself from associates who have found themselves in legal trouble or...

Babri mosque: Indian Supreme Court ruled in favor of Hindus in a dispute over a religious position with Muslims

India's Supreme Court on Saturday ruled in favor of a Hindu group in a long-running legal battle over a...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at He can be reached at: [email protected]

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said withdrawal of the zero-rated regime will hit masses, exporters, and the economy therefore the decision should be reconsidered.

The decision will result in unemployment while per capita income can go down by three hundred dollars within three years while the competing nations will see improved per capita income during that time, he said.

Talking to the business community, the veteran business leader said that enhanced powers and extra protection given to tax officials in the finance bill will increase taxpayers’ complaints.

Mian Zahid Hussain said that ending zero-rating will result in challenges, exports can slide to 21 billion dollars while small export industry can face closure.

Some industries may become competitive and end its dependence on bailout packages and subsidies, he added.

The former minister noted that the government should reconsidered as the majority of exports and a lot of jobs are linked to textile, leather, carpets, sports goods, and surgical instruments while the decision has resulted in disappointment and frustration among the business community.

It will also hit revenue and balance of payments, he said, adding that if the government has decided not to reverse the decision then it should introduce automated refund procedure as devaluation only will not be fruitful.

He said that finance bill lays less stress on finding new taxpayers and it will burden existing taxpayers and repeated audits will result in complaints and harassment for which a mechanism should be devised, he demanded.

Read also: Enhancing revenue without hurting masses a test for Zaidi: Mian Zahid

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at He can be reached at: [email protected]

Latest News

Greece closes three migrant camps

Greece will close three of the largest migrant camps, located on an island near Turkey, and replace them with...

Alibaba is going public in Hong Kong, despite the escalating protests

Chinese Internet corporation Alibaba announced on Wednesday at what price it intends to sell its shares intended for trading on the Hong Kong Stock...

Gordon Sondland raises serious charges against Trump

The US ambassador to the European Union Gordon Sondland has charged President Donald Trump with the Ukraine affair, although he has not clearly substantiated...

Two Australian universities refused to be associated with Prince Andrew

Two Australian universities have cut ties with a charity body founded by Prince Andrew, after he refused to deny his friendship with sex offender...

Australia bush fires: Over 100 schools are closed, 300 homes destroyed

Australia bush fires: More than 100 schools in southeastern Australia are closed on Wednesday and authorities are warning residents in high-risk zones to be...
- Advertisement -

Related News