Our Staff Reporter KARACHI - The business community is greatly perturbed on the statement of Secretary Finance, Dr Waqar Masood Khan, proposing complete withdrawal of tax exemption and zero ratings, lamented President, Karachi Chamber of Commerce & Industry, Muhammad Saeed Shafiq. Saeed Shafiq said that Dr Waqar Masood Khan is not aware of the discussions which continued for more than 15 days on the intricacies of zero-rating at KCCI where Karachi Chamber had played a positive role. In spite of the fact that RGST was totally rejected by business community, marathon meetings and discussions continued for four days between the Finance Minister, Dr Abdul Hafeez Shaikh; Chairman, FBR, Salman Siddique and his team and the business community leaders in the endeavour to keep the wheels of the industry moving as well as realisation of the fact that the five zero-rated export sectors were the backbone of Pakistans economy with contribution more than 60pc of our countrys total exports. He said that giving such statements is tantamount to shatters and shakes the confidence of the investors because all the hierarchy of the government - President, Prime Minister, Finance Minister were on board and agreed to this decision, which was aimed to avoid the corruption of huge dimensions in the seeking of refunds under the mode of flying invoices, over invoicing, frauds in refunds etc. The sectors which export 80pc and more of its production cannot be subjected to such syndrome of refund regime which would be a sheer exercise in futility, he said. He said these sectors are plagued with numerous burdens in form of severest ever liquidity crunch owing to huge amounts of drawback claims; sales tax refund claims and custom rebate claims which has crippled them coupled with high cost of doing business, frequent loadshedding of gas and electricity leading to closures of factories which is greatly endangering this engine generating huge employment and great earnings in foreign exchange. The chamber chief appealed to the President, Prime Minister and Finance Minister to continue with the agreed policy as any change as feared by the business community after reading todays statement of Dr Waqar Masood Khan, Secretary Finance would be a fatal blow to crush this vibrant engine - backbone of our nations economy.