ISLAMABAD: Federal Commerce Minister Khurram Dastagir Khan has said that the government is considering a proposal of zero-rating for major exportable products, including textile and clothing, sports, surgical, leather goods and carpets in the next budget.
Dastagir, speaking at a press conference, said that the commerce ministry was taking up the issue of pending refunds with the relevant stakeholders. The proposal of zero-rating would mean no tax, no refund. Asked about the decline in exports, the minister blamed energy crisis, terrorism and global factors for the downward slide in export proceeds.
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The finance ministry has withheld Export Development Fund (EDF) to the tune of Rs25 billion. This year, the minister said, the amount will reach Rs30bn.
The minister further stated that the finance ministry had been asked to release the withheld amount which can be used for supporting the export of those sectors which were declining.
