SIALKOT: Sialkot Chamber of Commerce and Industry (SCCI) has expressed grave concern over the reports mentioning that the Federal Board of Revenue (FBR) was planning to eliminate zero-rated sales tax on gas and electricity bills of country’s major export sectors.
In a press release issued here today, SCCI President Fazal Jillani expressed grave concern over the slapping of 5 percent sales tax on electricity and gas consumed by textile, surgical, carpet, sports and leather sectors. This step would add the ordeal being faced by the export industry.
He added that 5 percent increase in the utilities would add to the cost of production making the exports uncompetitive at the international markets.
Fazal Jillani added that Sialkot exporters were already suffering from great financial losses due to devaluation of US$ against Pak Rupee, which had made it very hard for the Sialkot exporters to compete in the international markets. He further added that electricity and gas shortage has constantly been the most adverse factors, immensely disturbing the industrial sector.
While expressing his apprehensions, SCCI President Fazal Jillani revealed that Prime Minister Nawaz Sharif had set target for manifold growth in exports by providing maximum facilities and trade and export-related incentives to the exporters and ensuring the early provision of the conducive business environment to the export sector.
He said that on the other hand, the proposals were being considered to put extra burden on the exporters.
Sialkot Chamber of Commerce and Industry (SCCI) has urged the government not to accept such proposals and zero rated status of five export sectors be retained, besides, urging the PM Nawaz Sharif to intervene and block any such attempt that may damage exports.
