Karachi - The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Ahmed Malik  has  invited the Finance Minister to hold a meeting with business community to discuss harsh and irritant measures in the Finance Bill 2013 with a view to improve its impact on trade and industry.

FPCCI convened a second post budget meeting to discuss the anomalies in the Federal Budget 2013-14 under the Chairmanship of Zubair Ahmed Malik, President FPCCI at Federation House, Karachi.

He further assured that FPCCI is willing to sit with the Government to sort out these issues before resorting to any harsh measures in the interest of economic recovery.

The participants of meeting view that this budget will cause closure of industries increase the smuggling and lead to corruption. They further said that the Federal budget has made Pakistani goods uncompetitive in the region and main focus has been on collection of taxes and revenue generation from the existing tax payers instead of broadening of tax base.

They said that government has failed to bring wholesale, distribution network and retailer within sales tax net, the net burden to collect additional amount of sales tax has been passed on to the manufacturer, producer or importer of these items.

Referring to the introduction of Income Support Levy @ 0.5pc on all movable assets the businessmen said that this move will discourage investments in Pakistan one side and encourage black market on the other side. He said that it seems like the wealth tax regime which only exists in very few countries of the world, is being brought in Pakistan.

The meeting was attended by leading businessmen including Tariq Sayeed Vice President CACCI and SM Muneer, President India-Pakistan Chamber of Commerce and Industry and representatives of different sectoral associations, local chambers, town associations and technical experts on taxation.