RECORDER REPORT

KARACHI: President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has urged the federal government to sort out grievances of commercial importers as they are raw material providers to the export-oriented industries which play cardinal role in economic and industrial development of the country.

“Commercial importers have been neglected in the Federal Budget 2018-19 and tax rate has further increased instead of much-needed reduction,” he said, talking to the commercial importers and business community.

Terming them backbone of the industry, he called for required incentives for commercial importers so that they can equally benefit like industrial importers and the industrial sector may further flourish with installation of new and latest equipment and machinery.

Mian Zahid said difference in taxation for industrial and commercial importers is unjust and this difference should be removed at earliest in order to provide equal opportunities to the commercial importers.

“The 2 percent further tax increased to 3 percent in the name of minimum tax which deprived commercial importers of fruits and benefits of FTR,” he said, adding that no exemption of taxes has been given on import of industrial machinery that the business community considers of high importance in the industrial development of the country.

PBIF president said that recent fiscal budget has given relief to several sectors of economy which he praised at every forum; however, neglecting commercial importers is not a laudable work and it needs early consideration of the concerned authorities.

“High duties on import of industrial machinery are major reason that our industry lagged far behind as far as latest technology and equipment are concerned,” he said, adding that developed countries impose minimal duties on machinery import which brings industrial development while we are increasing taxes which adversely impede installation of new or better machinery in our industrial sector that results in less productivity and slow economic growth.