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LCCI for continuation of zero-rated regime.

LAHORE -- Lahore Chamber of Commerce and Industry (LCCI) Tuesday demanded the government to continue zero-rating regime for five zero rating export sectors to jack up the country's exports.

LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal told media here that discontinuation of zero rating status would result in disaster of export oriented industries that would lead to foreign exchange loss, unemployment and cut in the revenues of the government.

They suggested that government should not mull withdrawal of zero-rating regime for textiles, leather, carpets, surgical instruments and sports goods as major part of exports was associated with these sectors. They said that five-zero rating sectors were documented and contributing around 70 percent of total exports and 50 percent in employment.

LCCI office-bearers said that exports of the country were already at a crucial stage because of high input cost and a large number of duties and taxes. They said that any step in wrong direction like discontinuation of zero-rating regime would pose immense economic challenges.

They said that exports were increased and issues of liquidity, refunds and flying invoices were resolved notably after introduction of zero-rating regime therefore government should not put a reverse gear by withdrawing this facility.

They were of the view that continuation of zero-rating facility for export-oriented sectors would go a long way and help promote country's exports and boost the trust of not only local businessmen but would also give a very good message to the foreign investors. They said that zero-rating facility would also bring down the industrial cost of doing business and Pakistani products would be able to win their due share in the international market.

LCCI office-bearers said that country could not afford to lose international export market therefore government should continue zero rating facility for the export-oriented industry.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:May 29, 2019
Words:346
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