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Govt finalizes national tariff policy for export-based industries

Govt finalizes national tariff policy for export-based industries

RAWALPINDI: Adviser to Prime Minister on Commerce, Textile, and Industries, Abdul Razzak Dawood has said that the government had finalized the five-year national tariff policy to bring down tariffs on raw material and machinery imports for export-based industries. We are working of rationalizing certain taxes, regulatory and custom duties, as there are roughly 34 different taxes and we are planning to shrink them to twelve or eight level in next couple of years. This will help us to meet the challenge of one core impediment in ease of doing business and I know business community suffered a lot on multiple fronts with respect to tax slabs and tariff lines.

Addressing “Emerging Pakistan “ceremony organized by The Rawalpindi Chamber of Commerce and Industry (RCCI) at Jinnah Convention Center Islamabad Razzak Dawood said that the government in its first 100 days had kicked off reforms in the Federal Board of Revenue (FBR) and we have done a major shift in its working. “We have decided to take policy matters from FBR,” and now Finance Ministry will formalized the policy in consultation with key stakeholders including business community and chamber of commerce, he emphasized.

He appreciated RCCI efforts in promoting business activities in the region through exhibitions and assured his cooperation in fulfilling their demands of converting old airport building into Modern Expo Center and provision of Grid station to RCCI’s Rawat Industrial estate.

He expressed hope that in next thirty days the people will see a genuine change on economy side as we have done major shuffling in policy matters pertaining to taxation, exports, refunds, regulatory and custom duties and incentives to business community with respect to ease of doing business.  World renowned companies including Exxon Mobil, Pepsi and Suzuki have pledged more investment in Pakistan, he added.

Earlier, RCCI President Malik Shahid Saleem in his address said that the major aim of this event was to discuss current economic challenges, exports falls, taxation and improving the positive image of Pakistan. He said Pakistan economy is taking a leap and it demands a conducive environment for investors. He urged government to address current uncertainty in business corridors and provide maximum assistance and incentives to broaden the tax net.

The private sector is playing a backbone role in improving the exports and it was demanded that Government must address their grievances at earliest including sales tax refunds, depreciation in rupee, interest rates and lowering regulatory duties on raw material.

Malik Shahid Saleem said that RCCI has been vocal in promoting the positive image of Pakistan through exhibitions titled “Made in Pakistan”.  Pakistan government should work hard to promote regional trade with SAARC and Central Asian States, he suggested.

Former President Sohail Altaf in his remarks said that government must give respect to tax payers and they are ready to join hands to contribute their share in economy building.

Senior vice President  Muhammad Badar Haroon, vice President Fayyaz Qureshi, former presidents, representatives from trade and ministries and a large number of RCCI members attended the ceremony.