ISLAMABAD: The Ministry of Commerce (MoC) has started preparations for the establishment of Pharmaceutical Cosmetics Export Promotion Council (PCEPC) for development of pharmaceutical sector.
The PCEPC will work as a liaison body between the MoC and private pharmaceutical sector and propose measures for the uplift of exports as well as measures to address the grievances of the exporters in this regard.
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The major grievance of the exporters is the delayed sales tax refunds by the FBR, therefore, the body will also act as a bridge between the exporters and the tax authority” a well placed source at MoC told Customs Today.
The source said that on the recommendations of MoC draw-back for local taxes and levies (DLTL) was given in the federal budget to exporters on free on board (FOB) values of their enhanced exports if increased by 10% and beyond (over last year’s exports) at the rate of 4% on the increase. Thus the Pharmaceutical sector is amongst the sectors eligible for DLTL
In result of this facility, the amount of foreign exchange earned through export pharmaceutical products was $ 414 million in the financial years 2014-15 and 2015-16″ the source added saying that keeping the rise in the exports, the MoC continued incentive in STPF 2015-18 along with other incentives.
The source added that a matching grant up to maximum of PKR. 5 million for specified plant and machinery or specified items to improve product design and encourage innovation in three export sectors i.e. leather, pharmaceutical and fisheries. A pharmaceutical cosmetics export promotion council will also beÄ established for development of pharmaceutical sector.
