Key Takeaways
- The Pakistan International Business Forum (PIBF) has launched a signature campaign against petroleum levy taxes.
- The campaign aims to mobilize support from various business sectors to reduce the burden of fuel costs.
- PIBF leaders warn that increasing petroleum taxes will negatively impact businesses and employment.
The Pakistan International Business Forum (PIBF) has announced a nationwide campaign to oppose the increasing burden of petroleum-related taxes, according to a joint statement by PIBF Central President Dr Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, Lahore President Abdul Wadood Alvi and Muaz Qazi.
The campaign, titled 'Say No to Petroleum Levy Tax,' will collect signatures from businessmen, traders, industrialists and representatives of various business sectors across Pakistan, aiming to build collective support for reducing the petroleum levy.
Dr Mushtaq Mangat, Central President of PIBF, stated that rising fuel costs have a cascading impact on the economy, increasing transportation, production, logistics and distribution expenses. These additional costs ultimately result in higher consumer prices and weakened purchasing power.
Muhammad Ejaz Tanveer, Secretary General of PIBF, called on the government to review the existing petroleum levy structure and provide relief to productive sectors of the economy. He emphasized the need for a balanced approach to taxation that does not hinder business growth.
Abdul Wadood Alvi, Lahore President of PIBF, highlighted that fuel is a fundamental input for virtually every segment of the economy. He added that increases in fuel prices directly or indirectly raise operating costs in manufacturing, agriculture, transportation, retail and services.
Muaz Qazi, a member of the PIBF leadership, said the forum would encourage chambers of commerce, trade associations, industrial bodies, traders, entrepreneurs and other members of the business community to actively participate in the campaign.
The PIBF leadership believes that further increasing petroleum taxes will make it more difficult for businesses and industries to remain competitive, expand their operations and create employment. They argue that the business community is already facing multiple challenges, including high energy costs, rising input prices, taxation pressures and weak demand.
The campaign aims to raise awareness and gather support among the business community to advocate for a reduction in petroleum taxes. The PIBF hopes that this collective effort will lead to constructive dialogue with the government and positive changes in the current taxation policies.
