Government lauded for providing relief to export sector

Islamabad, February 21, 2016 (PPI-OT): Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Sunday lauded decision of the Prime Minister Nawaz Sharif for announcing zero-rated tax regime on sales tax for the limping export sector. The decision will reduce financial burden on exporters while ending the practice of the corruption in the refund claims, he said.

Shahid Rasheed Butt said that export sector should also get relief under the head of other taxes and input costs to revive dwindling exports which has threatened the survival of the country. Exporters should get their refund claims amounting to 200 billion rupees while deduction of Export Development Fund (EDF) should be stopped as it has failed to meet the objectives.

Exports have recorded a fall of over 14 percent in the first seven months of the current fiscal which is alarming, he said adding that authorities continue to violate EDF for personal goals. Textile sector contributed around six billion rupees annually as EDF which is wasted by officials on personal consideration which is highly illegal and merits probe, he demanded.

He said that existing refund system has proved lethal for the exporters who are forced to waste sizable time and amount to get their money. Reliance on remittances is not the answer to the problem and oil prices will not remain subdued for ever therefore exports should be promoted after removing black sheep and provision of enabling environment including low cost sustainable energy to this critical sector, he said.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174