Published On: Fri, Jun 14th, 2019
Published in Category: Lahore

Withdrawal of zero-rated facility causes unrest among businessmen*

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Lahore: The Lahore Chamber of Commerce & Industry has urged the government to restore zero-rating regime for five export sectors as it has caused unrest among the businessmen.* *The LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad

Nasir and Vice President Faheem Ur Rehman Saigal said that export revenues will also be affected by the withdrawal of this zero rated facility and this will potentially create a balance of payment crisis for the economy.* *They said that the Government should introduce an automatic and efficient system of Refund Payments whereby 75% of the Refunds should be paid through the Bank upon the issuance of the attested copy of Bill of Lading while the remaining 25% of Refunds should be paid through the Banks against the export proceeds after 30 days. * *They said that government has announced withdrawal SRO 1125 under which five export oriented sectors are exempted from sales tax and its withdrawal will add burden to the government exchequer beside hitting the national exports badly. * *The LCCI office-bearers were of the view that announcement made in the Federal Budget Speech 2019-20 has created unrest amongst the exporters who are working in difficult circumstances but making their all out efforts to bring much-needed foreign exchange in the country. Withdrawal will squeeze the working capital of the industry and dry out liquidity from the market. *

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