Lahore: President, Pakistan Businesses Forum (PBF) Sahibzada Usman Zulfiqar
demanded to setting up of 5 mega textiles parks proposed in the budget 2021-22, saying
this will make the industry globally competitive.
In the budget proposals shared with presser on Monday, he said in the last year finance
bill textile industry had been completely ignored and deprived of relief.
“There must be consistency in the policies and no way backs for quite some times for
the long run growth and development while overnight shift in policies has also ways
been disadvantageous” he remarked.
He said Pakistan has a continuing balance of payments crisis and is being financed by
local and international borrowing. More debt piling or borrowing is not a feasible
solution. Therefore, this challenge can be overcome only by increasing exports, he
stressed.
PBF President further said the government through Finance Act 2013 had raised the
general rate of minimum turnover tax under Section 113 of the Income Tax Ordinance
2001 to 1% from 0.5%, which was further increased to 1.5% through Finance Act, 2019
and we proposed the minimum turnover tax should be abolished for the coming year.
Indirect exporters may also be extended taxation regime available to direct exporters.
