RECORDER REPORT

KARACHI: President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has suggested that the government immediately establish Rice Development Company to cater for the basmati and non-basmati sectors, give rice mills status of industry with zero rating, reduce loadshedding and announce tax relaxations in the upcoming budget.

Expressing concern over falling rice exports, he said that if the government paid attention, the exports could boost from the current level of over two billion dollars to four billion dollars within three years.

He said that the repayment of export refinance should be increased from 180 days to 360 days and fine on late repayment should be waived off.

Withholdings tax on rice exports should be reduced from one percent to 0.25 percent while 3.5 percent tax on local purchase be abolished, he said.

He further said that duty should be waived on import of dryers and other equipment while import should be allowed through Wagah border so that local exporters should re-export the commodity.

Hussain called upon the government to take notice of falling exports to China, Iran and Kenya while Utility Stores Corporation should be asked to buy rice for the holy month of Ramadan.

He said that a little attention can transform Pakistan into a regional hub for rice trading catering for the needs of China, Afghanistan, Middle East and Central Asian markets.