PRESIDENT Mohammad Ayub Khan said in Karachi last night that it was humanly impossible to do away with the present level of taxation.

He made this extempore remark while addressing the annual dinner of the Karachi Chamber of Commerce and Industry in reply to its President’s criticism of the taxation structure in the country.

President Ayub said: I wish I could do without taxes. That will be a wonderful thing but we have to generate resources within the country to match foreign exchange resources for development.

Referring to the complaint that the land for industrial use was not available at a reasonable price, he pointed out that development charges often caused the price of the land to go up.

He said if the businessmen and industrialists were ready to form a co-operative society to develop the industrial sites, he would feel happy because it would save the Government a lot of botheration. —Staff Correspondent

Export of goods BRUSSELS: The European Common Market “Six” and Britain have agreed on the future exports of manufactured goods from Pakistan, India and Ceylon to Britain after that country joins the Common Market, it was learnt here today.

The agreement reached this afternoon on manufactured products followed more or less the main lines of the initial draft presented yesterday by the “Six”.

However, the gradual suppression of the preference given to products from Pakistan, India and Ceylon is more spread-out for textile than in the original draft.—Agencies

Updated Aug 04, 2012 12:00am

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