Budget taxation: salaried class to bear maximum brunt, opine panelists

The federal govt. through its Budget FY20 has badly squeezed the neck of salaried class, imposing heavy income tax (up to 35%) on 75% of the working class of the country. These views were expressed by panelists during a post budget discussion which included former president KCCI Zubair Motiwala. He said that the 5 export-oriented sectors, which are 80% of total exports, will face an adverse impact, particularly the SME sector after the withdrawal of the zero-rated facility and this measure will pile up tax refunds up to PKR 450Bn/annum approx. He added that the 17% sales tax will be drag industries towards disaster.