The administrator Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Luqman Amin has said that withdrawal of zero rated status will be detrimental for the exports of the country and it will destroy the industrial sector of Sialkot.
Talking to newsmen last night he said that withdrawal of zero rated regimes will create multiple problems like unemployment, shifting of capital to other countries and reduce the exports of the country will be at lowest ebb. Keeping in view the gravity of the issue government will take remedial measures for protecting the export sector by abolishing SRO-1125 he added.
Luqman said that five zero rate export sectors had rejected the discontinuation of "No Payment No Refund" by abolishing SRO 1125 adding that Previous government had imposed 1 percent and 2 percent sales Tax on five zero rated export sectors but present government had imposed 17pc which will destroy the entire value added exports, industrial chain and allied industries he pointed out.
He said that imposition of 17 percent sales tax will compel the entire industry closure and it will force foreign buyers to shift to other regional competing countries which will be a severe blow to national economy.
Speaking on the occasion Sohail A. Sheikh Ex-Chairman PRGMEA (Sialkot) said that the demand of business community engaged with five zero rated sectors of Sialkot, Gujranwala, Karachi, Lahore, Faisalabad, Multan and Kasur was to abolish of SRO 1125 and ensure restoration of "No Payment No Refund" for five zero rated sectors.