The Lahore Chamber of Commerce & Industry has urged thegovernment to restore zero-rating regime for five export sectors as it hascaused unrest among the businessmen
Lahore (Pakistan Point News / Online - 13th June, 2019) The Lahore Chamber of Commerce & Industry has urged the government to restore zero-rating regime for five export sectors as it hascaused unrest among the businessmen.**The LCCI President Almas Hyder, Senior Vice President Khawaja ShahzadNasir and Vice President Faheem Ur Rehman Saigal said that export revenueswill also be affected by the withdrawal of this zero rated facility andthis will potentially create a balance of payment crisis for the economy.
**They said that the Government should introduce an automatic and efficientsystem of Refund Payments whereby 75% of the Refunds should be paid throughthe Bank upon the issuance of the attested copy of Bill of Lading while theremaining 25% of Refunds should be paid through the Banks against theexport proceeds after 30 days. **They said that government has announced withdrawal SRO 1125 under whichfive export oriented sectors are exempted from sales tax and its withdrawalwill add burden to the government exchequer beside hitting the nationalexports badly.
**The LCCI office-bearers were of the view that announcement made in theFederal Budget Speech 2019-20 has created unrest amongst the exporters whoare working in difficult circumstances but making their all out efforts tobring much-needed foreign exchange in the country. Withdrawal will squeezethe working capital of the industry and dry out liquidity from the market. *
