KARACHI: The chairman of United Business Group (UBG), Shahzad Malik, has complimented the FBR team for compiling an annual budget with maximum relief to the trade and industry and substantial incentives to the agriculture and IT sectors.

Shahzad Malik brought to the attention of the FBR Chairman Asim Ahmad a long pending issue of freight tax and suggested that in order to ease the modalities of doing business in Pakistan freight tax should be waived in its entirety.

Shahzad said that as proposed by the Pakistan Ship’s Agents Association (PSAA) as well, waiver of freight tax will not only simplify the business documentation process for both exporters and importers but also prevent short payment of freight tax through false documentation.

It would also encourage the exporters to maximize selling of their products on C&F basis and importers to maximize their imports on FOB basis - with the end result of saving on the third party intervention costs.

Khalid Tawab, Chairman UBG Sindh, was quite hopeful that the Chairman FBR will look into this important matter of national interest and try to resolve all the issues on priority basis.

Copyright Business Recorder, 2023