APTPMA chief describes budget as 'investment-oriented'

Chairman All Pakistan Textile Processing Mills Association (APTPMA), Saleem Parekh, felicitated business, investment-friendly Budget for the year 2018-19, despite enormous odds and resource constraint, which is a healthy augury for Pakistan, but we still need to do a lot more for keeping abreast with the various challenges.
While recounting the corrective measures envisaged by the Federal Budget in the Textile Sector, APTPMA Chief said that reduction of custom duty on import of coal from 5% to 3%, withdrawal of 3% value addition tax and reduction of sales tax from 17% to 12% on import of LNG and announcement of big package for exporters are right step in the right direction.
Announcement of new Big Export Package, allocation of fund Rs 25 billion for development of Karachi and to set-up of a desalination plant in Karachi which will provide the city 50 million gallons of water per day, inclusive of allocation of Rs 8 billion for expansion of Karachi Expo Center and Rs 5 billion for constructions of roads, fire brigade and bridges are appreciated by the Chairman APTPMA.
Furthermore, continuation of zero-rating regime, withdrawal of powers of Chief Commissioner under section 40B of Sales Tax Act 1990, clearance of pending refund claims for payment over the next 12 months starting 01.07.2018, assurance of payment of new refund claims on monthly basis without any delay, Provision to provide rate of further tax @ 1% on local supply of finished fabric and provision of input tax adjustment on packing materials to five export oriented sectors by amendment in SRO.1125(I)/2011 dated 31.12.2011. Exemption of customs duty on raw materials on 104 items and reduction of duty on 28 other items used by value-added export sector, zero rating of import materials for export sector, continuation of incentives under various schemes of Textile Policy 2014-19 during FY 2018-19 and allocation of Rs 10 billion for such schemes, restriction of sales tax and federal excise audit only once in three years, 1% annual reduction of Corporate Tax for Individual and AoP, reduction of duties on electric cars, zero rating of stationery items, exemption of 5% customs duty on LED parts and computer parts, are laudable.
But still a lot has to be done yet thorough long-range planning in order to relief and boost value added textile industry and export of the country through reduction of gas, electricity and water tariff at the level of our competitor countries, complete abolition of section 38A and 40B of Sales Tax Act 1990.
To cope shortage and price hike of caustic soda and hydrogen peroxide faced by our industry, withdrawal of import/regulatory duty on these essential items also be withdrawn forthwith. Before concluding, APTPMA Chief contended that the forthcoming budget can be rightly styled as a common man's budget because it has ensured special concessions for the salaried person, senior citizens, pensioners and industrial labor through allocation of adequate funds for infrastructure and development projects in the sectors of agriculture, highways, health and education. Concluding, Saleem Parekh, contended that the budget is an auspicious augury for a brighter and more prosperous Pakistan in the decades ahead.