Karachi -

SITE Association of Industry, in an emergent meeting held on Thursday, unanimously agreed that any mini budget with heavy taxes before the end of fiscal year 2013 is planned to sabotage already crippled economy and worst-affected business community at large.

According to the chairman Dr Arshad A Vohra and Executive Committee of SITE, industry has already suffered badly due to strikes and riots and it is now going to be hit with a drone attack of mini budget.

The news item published in almost all daily newspapers said that mini budget will increase sales tax from 16% to 17%; further tax of 2% on unregistered sales; turn over tax to be increased from 0.5% to 1%; withholding tax on cash with drawl from banks to be increased from 0.2% to 0.3%; income tax on exports proceed from 1% to 1.5%; withdrawl of zero tax on domestic sales of five sectors-textiles, leather, carpet, sports and surgical items.

The common man will also have to suffer in shape of increase in GST on sugar from 8% to 17%; 5% tax on value of new cars to be purchased and 10% withholding tax on all domestic electric bills with consumption of more than 1000 units.

The SITE Association of Industry appealed to President of Pakistan to please do not sign any mini budget through presidential orders and let the new government decide at its own to develop future line of action with the consultation of business community.