A civil society group has warned that the newly introduced tax law could lead to job losses and the collapse of many small and medium-sized businesses across the country. The group said the policy, if not reviewed, may place heavy financial pressure on entrepreneurs who are already struggling with rising costs and low consumer spending.

According to the group, small businesses are the backbone of the economy, providing millions of jobs and supporting families nationwide. They argue that increasing taxes at a time when many firms are barely surviving could force owners to cut staff, reduce operations, or shut down completely.

The group also expressed concern that the new law may discourage investment and slow down economic growth. They warned that potential investors could see the policy as unfriendly to business, especially for startups and young entrepreneurs who need support, not additional burdens.

They therefore urged the government to engage business owners, labour groups and economic experts to review the policy. The group said a balanced approach is needed to grow government revenue without destroying jobs or weakening small businesses that sustain the economy.