LAHORE: Pakistan Chemicals and Dyes Merchants Association on Thursday called for immediate rectification of anomalies in the Federal Budget 2021-22 in due consultation with the PCDMA and other major trade bodies of the country.

Addressing a meeting, Ex Vice Chairman of PCDMA Arshad Usman said that the budget would discourage economic growth if the anomalies are not rectified. President of Punjab Dyes & Chemicals Merchants Association (Lahore Chapter) and Ex Senior Vice President of the Lahore Chamber of Commerce & Industry Khawaja Khawar Rashid and the stakeholders also expressed their views.

Ex Chairman PCDMA said that one sector that is being ignored in this budget is the industrial raw material importers. This sector is not getting any finance from the bank. He said that rather they finance the industry and supply raw material to the industry on an easy payment basis and help in solving the financial crunch.

He said that they import raw material and help in export and domestic industrial growth, unlike the import of finished products which is burden on foreign exchange.

Arshad Usman stated that SMEs, as defines only MANUFACTURERS in clause 59A, may also add in industrial raw material importers. He said that there should be parameters for 3-4% audit selection by the board. The existing audit notices may be withdrawn to make the selection of audit as per parameters.

He said that placement of invoices in FCL is unpractical and is beyond the jurisdiction of any customs act as shippers in a foreign country does not come under their jurisdictions. This has also clarified by FTO in the past. For example, If the importer mention placement of invoice n PL in LC or Bank contract, his compliance is done, but the shipper abroad does not comply we cannot force them to do so.

Copyright Business Recorder, 2021