Faisal Khawer Butt
Sialkot
Sialkot: Senior Vice President, Sialkot Chamber of Commerce and Industry, Khurram Azim Khan, showed concern on the fiscal measures adopted by the Federal Government in the Finance Bill 2020. In a statement he said that no budgetary measure had been adopted to support the manufacturing and export sector, which had been facing the worst crisis ever due to Covid-19 pandemic.
He said that Covid-19 pandemic had triggered the worst economic recession and value added export sectors had been facing the brunt of the situation. He said that the export industry had been expecting some relief from the Government in the fiscal budget to overcome their financial problems.
However, no such support or relief had been announced for the export sector. He said that huge liquidity of the exporters had been stuck in the outstanding Income Tax, Sales Tax, DLTL and Custom refunds rendering it difficult for the businesses to cope with the situation. He said that there had been no announcement about the timeline for payment of pending refunds, which had been a matter of deep concern for the business community.
He said that the Government had been emphasizing time and again to restore Zero Rating on Five Export Oriented Sectors to follow “No Payment, No Refund” policy as collection of Sales Tax against exports and its subsequent refund had been a futile exercise. He emphasized revival of Zero Rated Regime to save the export industry and to promote ease of doing business in the current economic crisis.
He further emphasized that the Government should promote business friendly policies to overcome economic challenges, so that the export sector could survive the present crisis.
