DNA

Karachi: Iftikhar Shalwani Karachi administrator, while calling the role of commercial importers important in continuing industrial production activities, said that if industries will growth, more employment opportunities will be created and the country will be economically stable. while addressing the 50th anniversary function of Pakistan Chemicals and Disaster Merchants Association (PCDMA) as the chief guest, he said that we will extend all possible support to commercial importers for the economic prosperity of country.

Amin Yousuf Balgamwala, Chairman PCDMA & former Director Karachi Stock Exchange, VC Asif Ibrahim, Chaudhry Naseer, Arif Balgamwala, Haroon Agar, besides a large number of members besides Customs Officers Engineer Riaz Memon, Nadeem Memon, Wasif Memon, Consul General of Indonesia and Vice Consul of Japan also attended. On this occasion, Administrator Karachi also distributed awards among PCDMA members.

Amin Yousuf Balgamwala appealed to Prime Minister Imran Khan to give commercial importers the status of an industry like construction industry as whether it is local industries or export industries, commercial importers play a vital role in supplying raw materials to all of them and the fact is that industries cannot run without them.

“FBR has issued a notification, according to which the matter of the inclusion of the raw material of chemicals & dyes from Part 2 (raw material) to Part 3 (finished goods) has been handed over to the budget anomalies and until the committee decides, commercial importers will have to pay 2pc income tax instead of 5.5pc, while under section 81, a pay order of 3.5pc has to be submitted which will be returned after the decision is taken. These pay orders will not be cash”, he pointed out. But so far it has not been possible to implement it, which is a matter of concern.

Amin Yousuf Balgamwala demanded Chairman FBR that commercial importers should be reinstated in the fixed tax regime and steps should be taken to ensure 2pc income tax payment instead of 5.5pc as commercial importers are facing severe financial difficulties while cost of imported raw materials has also increased, as a result of which industries are also getting expensive raw materials

“Therefore, the government should reduce the import cost of raw materials so that the export industries can get cheap raw materials and be able to compete in the international markets”, he requested.