Saturday, June 15, 2024

Government to Eliminate Duties on the Raw Material

The regulatory along with additional duties on the raw material that isn’t produced locally will soon be abolished, said by the Adviser to Abdul Razak Dawood, the Prime Minister of Commerce and Investment.

While speaking with a delegation of LCCI- Lahore Chamber of Commerce and Industry recently, he said that the customs duty that is applicable on these inputs would be reduced or abolished by government as in a bid just to make the Pakistani products even more competitive Worldwide.

He also said that banking the agreements with Uzbekistan and Afghanistan were in the progress and as soon as these agreements will come into effect, the trade with these two countries will surely be regularized.

Meanwhile, Dawood added that the councils were also being established in order to enhance the exports of mango, kinnow, potato, dates, and leather. The adviser had expressed optimism that these moves would provide phenomenal results for the whole economy of our country. He also talked about the government’s objective that is to stabilize the economy of Pakistan and the efforts that are being made in order to achieve the main goal.

Mian Tariq Misbah, the President of LCCI, on the occasion said that there is a steep rise in the trade deficit that is needed to get urgent attention by the government.

However, our trade deficit as during the months from July to December in the previous year of 2020 stood at over $ 12.36 billion that is closely to the 6 percent higher that was $ 11.67 billion recorded as during the months of July to December of the year 2019.

The process of the release of refunds for the exporters is needed to be mainly streamlined, he added. Moreover, said that there is a technical error in this refunds system that resulted in the wrong disbursements of these refund amounts whereas erroneous other notices were already issued to the members of this business community where the false cases were also registered just against them to make them guilty.

A request was also made by him to the adviser in order to play an important supporting role regarding this matter to not let the business community victimized in a wrong way.

It was also stated by him that the government of Pakistan should also focus and maintain by fixing the technical problems that occurred in the sales tax e-refund system just to ensure the swift and the transparent issuance of these refunds to all exporters.

Perhaps it was proposed that in order to increase the exports of Pakistan and to be competitive across the diverse sectors, a step should be taken as the incentives that are being provided to all export-oriented main sectors should also be expand or extended to the other sectors like including the pharmaceutical, halal meat, rice and engineering segments, along with the other food items. He also added to have a new faster system.

Mehjabeen Qasim
Mehjabeen Qasimhttps://startuppakistan.com.pk/
Business Journalist at Startup Pakistan

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