PRGMEA stresses need to amend rules simplifying tax laws

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Staff Reporter

Lahore

The Pakistan Readymade Garments Manufacturers and Exporters Association has stressed the need for amending rules, simplifying tax laws and automating the business processes to bring transparency in the system, so that the SME sector of the value-added textile industry could be facilitated and exports could be enhanced.
Adeeb Iqbal Sheikh, PRGMEA north zone chairman expressed these views in a meeting with Input Output Coefficient Organization (IOCO) Additional Director North, Lahore. The meeting was held to evaluate rates of duty drawbacks on exported goods of garment industry.
He called for implementing the vision of the PM Imran Khan to simplify the export scheme, providing new incentives for the business community to help export industry keep abreast of latest developments and trends in the technology.
PRGMEA industry leader also pointed out the severe cash flow crunch that has squeezed productivity resulting in reduced exports as billions of rupees are blocked and demanded of the government to release all stuck-up claims of exporters immediately.
Adeeb Iqbal said that almost half of the exporters find it hard to comply with trade-related regulations or procedures in the country and abroad.
He stated that better integration with the global value chain and increased exports are important for Pakistan’s economic development through job creation, especially for youth and women.
PRGMEA regional chief observed that billions of untapped export potential is at risk, due to market frictions such as lack of transparency and related non-tariff measures, especially for small businesses.