The country's business community has approached the top economic managers based in Islamabad to get the maximum share of the Rs 100-125 billion special incentives package to be unveiled within days and payment of overdue refunds. Former presidents of the Lahore Chambers of Commerce and Industry Mian Misbah-ur-Rehman and Farooq Iftikhar called on Finance Minister Senator Mohammad Ishaq Dar on Monday. Special Assistant to Prime Minister on Revenue Haroon Akhtar, Chairman FBR Nisar Khan and other officials were also present during the meeting.
The former presidents gave a detailed briefing to the Finance Minister on the problems facing businesses and traders in the country and gave suggestions on how to resolve them. The Finance Minister assured them that the government is sincere in solving the problems of the business community. The Minister on the occasion urged the business representatives to fulfil their responsibility of paying taxes honestly and play a constructive role in the national development. He said that improving ease of doing business is the priority of the government while FBR has also been instructed to facilitate the business community.
Meanwhile, a delegation of Towel Manufacturers Association of Pakistan called on Commerce Minister, Engineer Khurram Dastgir Khan and apprised him of problems facing the value-added industry. According to Chairman Towel Manufacturers Association, Pervaiz Anwar Sheikh, Commerce Minister informed the delegation that the government will give "good news" to the exporters very soon.
"Prime Minister Nawaz Sharif is seriously considering the demands of the exporters and to facilitate them a special package will soon be announced for them," an official quoted the Commerce Minister as conveying to the delegation. Minister for Finance, Ishaq Dar, Minister for Commerce Minister, Khurram Dastgir Khan, Special Assistant to Prime Minister, Haroon Akhtar Khan and Chairman Board of Investment (BoI) have already finalised the package for exporters.
Talking to Business Recorder, the Association's Chairman said that they have informed the Minister of all issues facing their members in Punjab and Karachi which include supply of electricity and gas in Punjab and water in Karachi. He maintained that manufacturing units which are connected to dedicated feeders are exempt from load shedding but the units which are on mixed feeders are facing scheduled load shedding which compels them to consume diesel oil for generators which increases their cost of doing business.
The Commerce Minister has been informed about the issues being faced by the export industry including overdue refunds which create liquidity problems for the industry. He said, Commerce Minister has been requested that local towel manufacturing industry should be given a level playing field and all those taxes which are not applicable in other countries should be withdrawn.
"The Commerce Minister understands our problem and was very positive in the meeting," Pervaiz Sheikh added. According to a press release, the delegation highlighted in the meeting the main domestic and international issues that they are facing and which are adversely affecting their exports. The delegation informed the minister that there has been a significant increase in the export of towels in recent years and to further boost exports the exporters must be given relief from indirect taxes that are levied under different heads.
The Minister assured them that every step will be taken to resolve all the issues that are encumbering exports. He urged them to take full benefit out of the zero-rating and also assured them that as per the commitment of the Prime Minister the remaining funds will also be issued to them.
The Minister informed the delegation that the UK government has, in principle, agreed to entering into a GSP plus like agreement to continue duty concessions to Pakistani exports, on top of the GSP plus agreement facility for next two years and likewise advance level deliberations underway with Turkey and Thailand which will ultimately provide concessions to export towel related products in the markets at competitive rates.
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