Chairman Executive Committee Gems and Gemological Institute of Pakistan (GGIP) Zia-ul-Haq Sarhadi has asked the government to abolish income and sales taxes on import of gemstones from Afghanistan to give boost to the industry and encourage more investment in this sector.
He was talking exclusively to APP here on Wednesday. Director GGIP Abdul Karim Shah Hashmi was also present on the occasion. Zia Sarhadi said that gemstones were being exported to India, Singapore and other countries due to favourable policies and wider market access whereas in Pakistan the government has imposed 22 percent tax on its import making it unattractive and costly for the businessmen dealing in the sector. He suggested that KPCCI should be given authority to regulate policies regarding gemstones industry as it could be a great source of revenue generation if provided suitable environment.
GGIP should be shifted to a separate building where latest equipment and machinery should be provided, he maintained. The exporters do not show the real worth of stones and as such deprive the government of revenue. He said that over 1,800 students with 60 female across the country have been trained in the institute, who were now running their separate businesses.
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