Beverage Industry Will Close if New Taxes are Imposed – Research Snipers

Beverage Industry Will Close if New Taxes are Imposed

Beverage industry

Siraj Kassam Teli—the Chairman Business Group has asked the federal government for avoiding the imposition of new taxes on the beverage industry, as per the reports of local media on Friday.

The chairman business group showed his concerns over the anticipation of the new taxation on the beverage industry in his letter that was sent to the Prime Minister—Imran Khan.

He mentioned that the beverage industry would be closed if any new taxes would be imposed on it. Siraj Kassam Teli asked the federal government for finding alternative solutions for earning extra revenue.

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The ex-president of the Karachi Chamber of Commerce and Industry—KCCI has said that the burden would be bored by the consumers once the taxes are raised.

Teli proposed that the federal government should impose a ban on the imports of vehicles and other expensive items for the span of the next 2 years instead of imposing new taxes on local industries.

On the 27th of May, the federal tax authorities had suggested some common decision regarding sales tax in the next budget.

The tax authorities suggested reversing the exemptions to the tune of Rs.70billion at different commodities and also proposed 40billion rupees new taxes in the next budget.

The tax authorities also recommended ending the concessionary tax rates imposed on the sales of sugar, edible oil, imported raw material, steel and semi-finished goods targeted at producing maximum possible profits.

As per sources, the sales tax on sugar would be surged from the current 7percent to 18percent in the new budget, while the sales tax on edible would be boosted from 5percent to 18percent.

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