Islamabad: Prime Minister (PM) Imran Khan and his financial team, led by PM’s Advisor on Finance and Revenue Dr Hafeez Sheikh, on Wednesday denied the request to restore the zero-rating status of the export sector — reasoning that it is not plausible under the current regulations imposed by the International Monetary Fund (IMF), according to news sources.
The announcement was made during a meeting between the PM, his financial team (which included Chairman Federal Board of Revenue (FBR) Shabbar Zaidi) and a delegation of the All Pakistan Textile Mills Association (APTMA). However, despite its refusal to this particular request, the government did concede to all other demands made by the business association.
The APTMA delegation tried to advocate the restoration of zero-rating for export-oriented sectors (sports, carpets, leather, textile and surgical goods) and raised the issue of charging quarterly adjustments of PKR 2 per unit of electricity more from the textile sector than the agreed upon 7.5 cents per unit. The government panel assured the delegation that the increased quarterly adjustments will not be charged. Under the ongoing energy package, the export sector is being supplied a power tariff of 7.5 cents per unit and a gas tariff of USD 6.5 per MMBTU. The delegations wanted the package for a five-year tenure to boost national exports.
Furthermore, the APTMA has requested the government to amend the Seed Act and legislation of the Plant Breeder’s Act so as to allow for locals to have access to advanced seed research and development (R&D) technology.
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.
