KARACHI: Rice Exporters Association of Pakistan (REAP) has suggested One Window Tax System for exports aimed to ease tax payments and facilitate exporters.
Addressing a press conference at REAP House, Chairman REAP Chela Ram Kewlani has urged the government for a hassle-free tax payment system so the exporters and industrialist can pay their taxes without any fear through a transparent system.
“We (business community) are always ready to support the government and the country’s economy by paying taxes, but there is the need to ease the tax paying system”, he said.
Bringing traders into the tax net
He said that REAP in its budget proposals to the federal government has suggested One Window Tax System for export-related industries, and tax imposed the exports to be ducted at the time of arrival of export proceeds.
Ram also urged the State Bank of Pakistan for a single-digit inters rate to support the economic growth. The double-digit interest rate has badly affected the industrial growth and the cut in policy rate by 150 basis points is very nominal. Policy rate must be reduced to 8 percent, he said. During the press conference, Chairman REAP informed that with the efforts of the ministry of commerce, and Rafique Suleman Convener, REAP’s Committee on Kenya, Pakistan has successfully managed to get released the 1300 rice containers stuck at Mombassa port of Kenya and get the zero-rated status up to November 2024.
He informed that Pakistani rice exporters sent shipment of Pakistani rice to Kenya, whereas deadline for duty free rice was 6th April 2024.
Copyright Business Recorder, 2024
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