By Commerce Reporter
LAHORE: Pakistan International Business Forum (PIBF) has announced the launch of a nationwide “Say NO to Petroleum Levy Tax” Signature Campaign to mobilise the country’s business community against the increasing burden of Petroleum Levy and other petroleum-related taxes.
PIBF Central President Dr. Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, PIBF Lahore President Abdul Wadood Alvi, and Muaz Qazi said the campaign would seek signatures from businessmen, traders, industrialists and representatives of different business sectors across Pakistan to build collective support for reducing the petroleum levy.
They said the growing burden of petroleum taxation was increasing the cost of doing business and placing an additional burden on industries, businesses and consumers.
The PIBF leadership observed that higher fuel costs had a cascading impact on the entire economy by increasing transportation, production, logistics and distribution expenses. These additional costs ultimately translated into higher prices for consumers and weakened the purchasing power of the general public.
Dr. Mushtaq Mangat said the business community was already facing multiple challenges, including high energy costs, rising input prices, taxation pressures and weak demand. “Further increasing petroleum taxes will make it more difficult for businesses and industries to remain competitive, expand their operations and create employment,” he said.
PIBF’s core demand is clear: Reduce the Petroleum Levy — Protect Business, Industry & Consumers, said the PIBF leadership in a joint statement on Friday.
Muhammad Ejaz Tanveer said the government needed to review the existing petroleum levy structure and provide relief to productive sectors of the economy. He stressed that taxation policies should facilitate economic activity rather than increase the cost of production and discourage investment.
Abdul Wadood Alvi said fuel was a fundamental input for virtually every segment of the economy. From manufacturing and agriculture to transportation, retail and services, increases in fuel prices directly or indirectly raised operating costs.
He said the signature campaign would provide the business community with a collective platform to convey its concerns to the government and policymakers.
Muaz Qazi said PIBF would encourage chambers of commerce, trade associations, industrial bodies, traders, entrepreneurs and members of the business community across Pakistan to participate actively in the campaign.
The PIBF leadership clarified that the campaign was not against taxation in principle, but against excessive petroleum taxation that adversely affected economic activity and placed an additional burden on productive sectors and consumers.
They called for meaningful consultations between the government and representatives of the business community to formulate a sustainable petroleum taxation policy that could balance revenue requirements with the need to promote investment, industrial growth, exports and employment.
The PIBF leaders urged the federal government to take immediate steps to reduce the petroleum levy and provide relief to businesses, industries and consumers.
They expressed the hope that the government would respond positively to the collective voice of the business community and take practical measures to reduce the cost of doing business in the country.
