SIALKOT: Dr. Sarfraz Bashir, President Sialkot Chamber of Commerce & Industry has expressed his great concern over proposed increase in sales tax on exports from two to five percent, mentioning that it would greatly hamper exports to play havoc with the value-added export sector of Sialkot.
He said that increase in prices of raw material, rising tariff of electricity and gas and its non-availability have already increased the cost of doing business putting the export sector under immense duress. He said that it has become increasingly difficult for the exporters to compete in the international market and to fulfil orders of the foreign buyers.
Dr. Sarfraz Bashir said that issue of 1% withholding Sales Tax imposed on purchases from non-registered sales tax suppliers is hurting export sector SME’s badly and has already created an additional financial burden on the export sector of Sialkot. Therefore, any further burden would crush the SME’s based export sector of Sialkot that is struggling for survival.
Dr. Sarfraz Bashir strongly recommended that any proposal to enhance Sales Tax on export should be abolished, he made an appeal to the Prime Minister of Pakistan, Federal Minister for Finance and Minister for Commerce that Zero Rated Sales Tax on exports sector should be restore to encourage and motivate the exporters to earn foreign exchange for the country that is life line of economy.
