ISLAMABAD - Business community on Wednesday opposed the likely 17 per cent approximately increase in the prices of petroleum products from 1st July 2009 with the imposition of carbon tax on POL products. Office-bearers of Islamabad Chamber of Commerce and Industry (ICCI) in a meeting stressed upon the government to withdraw carbon tax on POL products immediately, as it would put highly negative impacts on business activities. President ICCI Main Shaukat Masud in a meeting said that about 70 per cent electricity was being generated in Pakistan through thermal means and was produced from imported POL products. The imposition of carbon tax on POL products would raise the electricity tariff and prices of all commodities, he added. So, this carbon tax would not only increase the financial miseries of 170 million people, but would also impact the industrial growth, as the input cost of fuel and electricity would increase manifolds, he further said. However, ICCI welcomed some positive steps of government including declaring income tax collected on export proceeds as final discharge of liability, reducing withholding tax from four to three per cent for industrial importers, abolishing carbon surcharge on CNG, withdrawing requirement of NTN or CNIC for sales to unregistered purchasers, etcetera. Masud urged the government to announce a special relief package for the revival of industry. He feared if the government did not come forward to rescue the industrial sector, most of the industrial units would default. He said in the forthcoming industrial policy, government must reduce gas and power tariff, oil prices and interest rates due to which many industrial units had closed down in the country. He said before finalising industrial policy, government should take all stakeholders including business community into confidence and added that disconnect between the government and the stakeholders always led to great anomalies in governments business related policies.