As a result of strong resentment shown by the business fraternity regarding the recent unprecedented hike in the price of Generalised System of Preferences (GSP) form, the Trade Development Authority of Pakistan (TDAP) has revised the rate of GSP Form from Rs 1000 to Rs 100, Business Recorder learnt on Wednesday.
According to sources, the GSP Form is an important document for export to Europe and other countries as it provides an opportunity to the importers to avail duty draw back facility from their respected countries, as prescribed mechanism. But the price of the GSP Form was earlier raised from Rs 25 to Rs 1,000 to generate additional revenue to meet the authority's expenses. However, the authority, after a strong resentment of business community, has decided to revise its rate again from Rs 1000 to Rs 100 to facilitate export oriented sectors especially Small Medium Enterprises (SMEs), they said.
When contacted, the official sources in TDAP confirmed that the rate of GSP Form has been revised to Rs 100 from Rs 1000. They said the Chief Executive of TDAP Tariq Iqbal Puri had convened a meeting with all stakeholders to discuss the issue of GSP Form rate at TDAP on Wednesday.
The meeting was attended by the acting President of Karachi Chamber of Commerce and Industry (KCCI), Member Export Committee, Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Chairman and representatives of Pakistan Hosiery Manufacturer Association (PHMA), Towel Manufacturers Association (TMA), PCFA, PLGMEA, PRGMEA, KATI, PTA APTMA and others leading exporters.
After thorough discussion with all the stakeholders in meeting, it was decided in the interest of national export the rate of GSP Form, which was fixed at Rs 1000 for attestation, would be reduced to Rs 100 including the Form price as well as attestation, they maintained.