The Karachi Chamber of Commerce and Industry (KCCI) has urged the Sindh government to withdraw stamp duty on bills of exchange as it is hurting the exports.
KCCI Export Sub-Committee Vice-Chairman Iqbal Mangrani, in a statement, complimented the Sindh Finance Minister for presenting a business-friendly budget in which no new tax was imposed.
Appreciating reduction and rationalisation of stamp duties, he drew the attention of the minister to an irritant to export in the form of existing stamp duty on bill of exchange.
He said that the 0.3 percent duty on bill of exchange was directly hurting the exports.
Mangrani argued that it was not the amount of levy that bothered the exporters, but the complicated time-consuming process for completion of documentation by the exporters was the main irritant.
"Levy on exports in the form of stamp duty is an unnecessary, unproductive measure because its revenue impact is minimal", he added.