LAHORE: The Pakistan International Business Forum (PIBF) has announced a nationwide “Say No to Petroleum Levy Tax” signature campaign to mobilise the business community against the increasing burden of petroleum-related taxes. PIBF Central President Dr Mushtaq Mangat, Secretary General Muhammad Ejaz Tanveer, Lahore President Abdul Wadood Alvi and Muaz Qazi said in a joint statement that the campaign would collect signatures from businessmen, traders, industrialists and representatives of various business sectors across Pakistan to build collective support for reducing the petroleum levy. The PIBF leadership said rising fuel costs had a cascading impact on the economy by increasing transportation, production, logistics and distribution expenses. These additional costs ultimately resulted in higher consumer prices and weakened purchasing power. Dr Mushtaq Mangat said the business community was already facing multiple challenges, including high energy costs, rising input prices, taxation pressures and weak demand. “Further increasing petroleum taxes will make it more difficult for businesses and industries to remain competitive, expand their operations and create employment,” he said.
