HCCI President Raises Concerns Over Tax Exemptions Impacting Industries

The President of the Hyderabad Chamber of Commerce and Industry (HCCI), Adeel Siddiqui, has expressed worries regarding the tax exemptions granted to the Federal and Provincial Tribal Administered Areas. These exemptions are impacting the financial stability of the steel, edible oil, and ghee industries across Pakistan's four provinces.

Siddiqui has highlighted the mounting outstanding payments in the steel, edible oil, and ghee sectors, reaching billions of rupees. He has stressed that the current utilization of tax exemptions is unjust and has called for a comprehensive audit to ensure transparency.

Representing the business community, Siddiqui has called for an end to the discriminatory practices affecting these industries. He has pointed out that products from tax-exempt zones are being sold at lower prices in urban markets, causing local producers to lose market share.

Moreover, Siddiqui has noted the disparity in production costs and taxes between industrialists in urban areas and those in tax-exempt zones. This discrepancy puts urban producers at a competitive disadvantage and could have severe consequences for the local steel, edible oil, and ghee industries if not addressed.

The concerns raised by Adeel Siddiqui shed light on the challenges faced by industries due to tax exemptions in tribal areas. It is crucial for authorities to conduct a thorough review of these exemptions to ensure fairness and protect the interests of all stakeholders. Addressing these issues will not only promote a level playing field for businesses but also safeguard the sustainability of the steel, edible oil, and ghee sectors in Pakistan.