GEO 436 KARACHI: The government's pledges to International Monetary Fund (IMF) for enforcement of Value-added Tax (VAT) quite are weighing on it, Geo News reported Monday. The government set May 31 as the deadline to get the tax sanctioned from the federal and provincial assemblies; however, the VAT decision still hangs in balance, as the deadline (today) stares in face. It should be mentioned that the government assured the IMF of the VAT promulgation, saying the draft of the VAT would be got approved from the federal and four provincial assemblies by May 31, 2010. Today is the deadline. The trader and industrial organizations across the national landscape have already spurned the Tax on government's announcement of VAT enforcement from July 1st. The economists also said that tax promulgation would unleash new wave of price hike, dealing a heavy impact on the common man already buckling under high cost of daily living.
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