KARACHI: Faisal Moiz Khan, President of the North Karachi Association of Trade & Industry (NKATI), has called upon Prime Minister Shahbaz Sharif, Finance Minister Muhammad Aurangzeb, and Commerce Minister Jam Kamal to take immediate steps to safeguard small and medium enterprises (SMEs) from imminent closure. He emphasized the urgent need to alleviate the burden of taxes imposed in the latest budget, warning that failure to do so would lead to widespread shutdowns across SME sectors.

Expressing disappointment with the budget’s direction, NKATI President noted that the industrial community had anticipated measures to promote economic growth rather than strict adherence to IMF directives. He highlighted concerns that heavy taxes, especially on SMEs, could severely impact business and industrial activities, exacerbating economic challenges.

“The government must recognize that operational industries generate revenue and employment,” emphasized Khan, underscoring the critical role SMEs play in sustaining the economy. He questioned the feasibility of tax collection if industries were forced to close down.

Appealing for immediate action, Faisal Moiz urged for reductions in taxes and lowered electricity and gas tariffs to reduce production costs. He warned that without these adjustments, SMEs face inevitable closure, leading to substantial revenue losses and increased unemployment. Khan stressed that revising tax policies is crucial to maintain industrial operations and steer the country away from economic crises.