PYMA rejects 'black laws' in Finance Bill
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The Pakistan Yarn Merchants Association (PYMA) has categorically rejected the inclusion of Articles 37-A and 37-B in the Sales Tax Act, recently introduced under the federal government's Finance Bill. In a statement issued on Wednesday, the association made a direct appeal to Prime Minister Shehbaz Sharif, Federal Finance Minister Muhammad Aurangzeb, and Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial, calling for the immediate withdrawal of what it has described as "black laws" that have raised alarm across Pakistan's business community.
PYMA Chairman Muhammad Saqib Goodluck, while voicing the concerns of yarn traders and related stakeholders, stated that these new legal provisions would open the doors to unchecked harassment and intimidation of legitimate businesses. He said that empowering FBR officials with wide-ranging discretionary powers under Articles 37-A and 37-B is unjust but sends a negative signal to entrepreneurs and industrialists already grappling with inflation, high utility costs, and uncertain policy environments.
"If the government is genuinely serious about increasing tax revenues, it must create an environment that encourages businesses to grow and prosper," Saqib Goodluck asserted. "Thriving businesses contribute more to the national exchequer. But policies that stifle entrepreneurship will only shrink the tax base and hurt the economy."
He further stated that these laws portray business owners as suspects instead of law-abiding citizens, warning that actions based merely on suspicion erode the principles of fairness and justice.
The statement added that, calling for a change in direction, the PYMA chief urged the government to introduce policies focused on economic growth and improving the ease of doing business. "Such measures will help ensure industrial sustainability, generate employment, and ultimately strengthen the national economy," he concluded.
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PYMA rejects 'black laws' in Finance Bill
Yarn Merchants Association has pointed out that the local manufacturers are still using outdated machines, which are not energy efficient and such energy losses are built into yarn prices. photo: file Listen to article The Pakistan Yarn Merchants Association (PYMA) has categorically rejected the inclusion of Articles 37-A and 37-B in the Sales Tax Act, recently introduced under the federal government's Finance Bill. In a statement issued on Wednesday, the association made a direct appeal to Prime Minister Shehbaz Sharif, Federal Finance Minister Muhammad Aurangzeb, and Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial, calling for the immediate withdrawal of what it has described as "black laws" that have raised alarm across Pakistan's business community. PYMA Chairman Muhammad Saqib Goodluck, while voicing the concerns of yarn traders and related stakeholders, stated that these new legal provisions would open the doors to unchecked harassment and intimidation of legitimate businesses. He said that empowering FBR officials with wide-ranging discretionary powers under Articles 37-A and 37-B is unjust but sends a negative signal to entrepreneurs and industrialists already grappling with inflation, high utility costs, and uncertain policy environments. "If the government is genuinely serious about increasing tax revenues, it must create an environment that encourages businesses to grow and prosper," Saqib Goodluck asserted. "Thriving businesses contribute more to the national exchequer. But policies that stifle entrepreneurship will only shrink the tax base and hurt the economy." He further stated that these laws portray business owners as suspects instead of law-abiding citizens, warning that actions based merely on suspicion erode the principles of fairness and justice. The statement added that, calling for a change in direction, the PYMA chief urged the government to introduce policies focused on economic growth and improving the ease of doing business. "Such measures will help ensure industrial sustainability, generate employment, and ultimately strengthen the national economy," he concluded.
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