The President of the Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ijaz Abbasi, said during a meeting with Mr. Irfan Nadeem, Member Income Tax, FBR, that there is a great need to establish more cold storage facilities in Pakistan because due to the non-availability of these facilities in sufficient quantity, fruits, vegetables, fish products and other perishable items destined for exporting perish before reaching their destination.

 

“The cold storage business plays a vital role in the promotion of export of fruits, vegetables and other perishable items by preserving them in safe conditions. However, taxes are hampering the growth of this business in Pakistan and the government should consider the reduction of taxes and give incentives to investors for the promotion of the cold storage business in the country,” he stated. Muhammad Ijaz Abbasi said that about 1500 cold storage units are operating in Pakistan. However, due to an increase in taxes, their profit margin has gone down appreciably, which is discouraging the growth of this business. Moreover, he said the assessment of taxes on the basis of electricity consumption by cold storage units is illogical and unjustified, and urged upon the government to review this policy for creating better conditions for this business, reveals the entity’s press release.

Speaking on the occasion, Member Income Tax FBR Mr. Irfan Nadeem thanked ICCI President for bringing this important issue to his attention and said that FBR welcomes suggestions from the business community for creating a healthy business environment and for broadening the tax base in the country. He assured that the real problems of the cold storage sector will be given due consideration for taking steps to promote the growth of this business in the country.