Retailers warn of Rs3.5tr loss in sales | The Express Tribune
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LAHORE: Retail store chains in the country, while opposing the government’s decision of early market closure, have proposed alternative measures to ensure balanced energy conservation. They caution that any reduction in retail peak hours will slash their revenue by 30% and cause sales losses of Rs3.5 trillion. Besides, about Rs300 billion may be lost in general sales tax and income tax collection compared to electricity savings of less than Rs62 billion annually under the new energy conservation steps. Chainstore Association of Pakistan (CAP) Chairman Tariq Mehboob Rana, in a letter written to Federal Minister of Energy and Power Muhammad Ali, Federal Minister of Commerce Gohar Ijaz and provincial Industries Minister SM Tanveer, denounced the government’s recent decision, saying it was based on unfounded claims of Rs62 billion in annual savings. Read Marketplaces deserted as inflation bites hard Rather, he said, the measure would prove counterproductive and cause a s...