ISLAMABAD: The business community has lauded the government’s decision to give export sector a zero-rated tax regime.
Islamabad Chamber of Small Traders Sunday appreciated Prime Minister Nawaz Sharif’s announcement for announcing zero-rated tax regime on sales tax for the export sector.
“The decision will reduce financial burden on exporters while ending the practice of the corruption in the refund claims” Shahid Rasheed Butt, Patron Islamabad Chamber of Small Traders said in a statement issued here. He said that export sector should also get relief under the head of other taxes and input costs to revive exports.
Exporters should get their refund claims amounting to Rs 200 billion while deduction of Export Development Fund (EDF) may be abandoned as it has failed to meet the objectives, he added. Textile sector did contribute around Rs 6 billion annually as EDF which was not utilized properly, he said.
