Altaf Hussain  English News  Urdu News  Sindhi News  Photo Gallery
International Media Inquiries
+44 20 3371 1290
+1 909 273 6068
[email protected]
 Events  Blogs  Fikri Nishist  Study Circle  Songs  Videos Gallery
 Manifesto 2013  Philosophy  Poetry  Online Units  Media Corner  RAIDS/ARRESTS
 About MQM  Social Media  Pakistan Maps  Education  Links  Poll
 Web TV  Feedback  KKF  Contact Us        
Media corner ( What's going on in Media about MQM )

MQM rejects new tax on CNG,Daily Times

 Date: 6/10/2012   Views:2186    Source: Daily Times

ISLAMABAD: The Muttahida Qaumi Movement (MQM) on Saturday rejected the proposed tax on the Compressed Natural Gas (CNG) as it advocated that only 30 percent of the total taxes to be imposed should be indirect taxes.

Addressing a press conference, MQM deputy parliamentary leader Haider Abbas Rizvi said that ratio of direct and indirect taxes should be 70-30. “The MQM rejects the proposal of the government to impose new tax on the CNG sector. The government should improve direct and indirect tax collection. The direct tax should be 70 and indirect tax 30 percent of gross domestic product (GDP).” Rizvi said.

He also demanded the government reduce from 12 to 10 percent the basic interest rate of banks. He expressed concern that the government may increase interest rate from 12 to 12.5 percent in the coming days. He said that inflation would increase in the country with imposition of new taxes on the CNG. He said that the current economic situation was the most crucial issue in the country and added that it could be resolved only through revolutionary tax system.

“Inflation is increasing day by day in the country due to government huge borrowing from the banks,” the MQM leader said. He said his party had advised the government to save Rs 1200 billion by improving the governance. He also advised the government that discretionary funds of the prime minister should be reduced in order to decrease circular debt. staff report