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PHEA calls for restoration of zero ratings on ST

Pakistan Hosiery Manufacturers & Exporters Association's (PHMEA) Central chairman Chaudhry Salamat Ali has demanded the government to restore Zero Rating on Sales Tax – No Payment No Refund Regime reinstating SRO 1125 in the budget terming it indispensable to surmount liquidity hardships of exports and in the national interest to enhance exports and earn foreign exchange to strengthen the economy.

Ali pointed out that due to global business slowdown and Covid-19, he pointed out that the economy of Pakistan is also in dire straits and the current volume of exports cannot be unsurpassed unless the burning liquidity problem being faced by exporters is not appropriately addressed by the government.

To achieve a great milestone in enhancement and development of exports, it is crucial that the government must facilitate the export sector introducing export-friendly policy as the five export oriented sectors have been highly aggrieved due to rescinding SRO 1125 and imposition of 17 percent sales tax on exports which government imposed in the last budget with a view to collect sales tax on domestic sales of textiles. This unilateral move by the govt penalized the export sector as their precious liquidity in shape of sales tax refund was held unreasonably with government, which also caused disruption in enhancement of exports.

 
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