Islamabad: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested for a ‘used vehicles Export Processing Zone (EPZ)’ to be set up either in Karachi, Port Qasim or Gwadar for the import and export of both right-hand and left-hand-drive vehicles, according to news sources.
Analysts have opined that given the more attractive sea and the land route to the African and Central Asian markets, as well as its accompaniment of affordable labour, painters and mechanics, this Pakistan-EPZ may hold the potential to become an even more prominent transit avenue than the one located in the UAE.
Moreover, the FPCCI has observed that some manufactures are demanding for expatriates to be allowed to send their foreign exchange to manufactures through banks for the deliveries of goods to their relatives in Pakistan – which may be treated as exports.
Further, the chamber has proposed that goods which are ordered or booked abroad and foreign, and whose corresponding foreign exchange is sent to Pakistan through the banking channel, to be treated as exported goods completely or partially exempted from taxes or local duties.
The federation has made these recommendations to the commerce ministry and the Federal Board of Revenue (FBR) to enable imports for re-exportations under Duty and Tax Remission for Export (DTRE) rules with 5-10% value addition.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
