FAISALABAD: Mian Kashif Zia Chairman of the Pakistan Hosiery Manufacturers and Exporters Association (North Zone), strongly condemned the 10 per cent tax on major industries, saying the sector already pays a heavy corporate tax of 29 per cent and while on the other hand, this sector provides millions of jobs in the country, which feeds millions of families.
He said that imposition of super tax on textile sector by the government would have a very negative impact which would not only increase the prices of our products from the rival countries but also deprive the country of earning a lot of foreign exchange.
Mian Kashif Zia said that we are already competing in the global markets with limited resources which are no less than fighting a war. He said the cost of doing business in the country is already at an all-time high and 13.75% interest rate will not allow the economy to grow at any meaningful level and as far as exports are concerned, raw material prices have already made them uncompetitive.
He said that putting more burdens on the textile sector would lead to a severe crisis in the country. He said that our sector is a registered and fully documented and responsible sector. He suggested to the government that instead of imposing more burdens on the already registered sector, efforts should be made to bring other unregistered sectors in the tax net so as to increase the revenue of the country in the right direction.
He said that in order to get rid of the IMF, it was necessary to increase its exports by giving incentives to the value added textile sector So that a lot of foreign exchange can be earned for the country and the country can avoid default.
Copyright Business Recorder, 2022
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