ISLAMABAD: The Senate Standing Committee on Commerce was informed that there would be no customs duty on the import of equipment and machinery in Special Economic Zones (SEZs) under China Pakistan Economic Corridor (CPEC). A meeting of the Senate Standing Committee on Commerce was held under the chairmanship of Senator Shabli Faraz.
Moreover, no tax will be charged from the investment as well as output earned from these SEZs in next ten years. Due course of continued discussion on worsening trade performance of Ministry of Commerce and concerned departments, the committee recommended to the Finance Ministry to ensure payment of sales tax refunds pending with the Federal Board of Revenue (FBR) along with increased allocations for the export development fund (EDF).
The committee directed the Ministry of Commerce and relevant department to allow installation of only modern and latest machinery in special economic zones (SEZs) to safeguard local industry.
The committee also sought report in the next meeting about policy devised being followed by the Ministry of Commerce to derive out maximum trade and exports related benefits out of these SEZs.
MoC informed the committee that request for the increment in the funds for EDF had already been moved to the Finance Ministry. Moreover, MoC would announce a new package of incentives for textile industry in June this year; either before or after the presentation of budge for the fiscal year 2017-18. This package will certainly help in enhancing the tune of exports.
In this regard, committee recommended a national conference in Islamabad of investors especially, those Pakistani origin well off investors who had migrated abroad at the time of creation of Pakistan and had settled down in other countries. Those Pakistanis can be potential investors in Pakistan and they must be persuaded to invest in Pakistan and benefit from the opportunities emerged out of CPEC
Due course of discussion on the problems confronted by the women chambers of commerce and industry, committee formed a three member subcommittee under the supervision of Senator Rubina Khalid along with Senator Ilyas Bilour and Usman Kakar to look into the matter and report back to the main committee.
On this issue, committee recommended to the government to provide all possible facilities to women chambers of commerce along with provision of training for doing business. Moreover, committee urged the MoC to ensure representation of women entrepreneurs in trade delegations visiting other countries.
