PCDMA seeks ‘Relief Package’ to save commercial importers from bankruptcy | CustomNews.pk

PCDMA seeks ‘Relief Package’ to save commercial importers from bankruptcy

Karachi: Chairman Pakistan Chemicals & Dyes Merchants Association(PCDMA) and former director Karachi Stock Exchange Amin Yousuf Balgamwala has seeked ‘Relief Package’ to save commercial importers from bankruptcy and requested to Govt to reinstate fixed tax regime and SRO 1190 for commercial importers. He also demanded to abolish CNIC condition on sale of goods to unregistered persons for the betterment of the economy. In an Appeal to Prime Minister Imran Khan, Amin Yousuf Balgamwala pointed out that due to ongoing severe economic crisis, the business of commercial importers has been destroyed and they are facing serious financial losses but the Govt is focusing only on providing relief to exporters, while exporters' contribution to GDP is only 6% while more than 90% is from other sectors. Therefore, the Govt also needs to provide relief to the import sector and local businesses so that they can cope with the ongoing economic crisis in the country. "To eliminate the discrimination between commercial importers of raw materials and industries and reduce the WHT from 4.5% to 2% on all supplies for manufacturers & traders and should provide level playing field to commercial importers of raw material & industries", Amin Yousuf Balgamwala requested. Mr. Balgamwala urged SBP to reduce the key interest rate to single digit level for reviving business activities, as the trade & industries are shut down due to COVID-19 pandemic.
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