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Pakistan

ICCI calls for reducing taxes on furniture industry in next budget

Muhammad Ahmed Waheed said that global furniture market was worth of billions of dollars, but Pakistan’s share in i
23 Feb 2020
  • Muhammad Ahmed Waheed said that global furniture market was worth of billions of dollars, but Pakistan’s share in it was quite nominal.
  • He stressed that government should develop furniture cities across the country that would promote this industry and boost its exports.

ISLAMABAD: Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry has called upon the government to reduce taxes on furniture industry in the forthcoming budget that would facilitate its better growth and enhance exports.

He said this while addressing a delegation of Islamabad Furniture Association that visited ICCI led by its President Sheikh Javed Iqbal.

Muhammad Ahmed Waheed said that global furniture market was worth of billions of dollars, but Pakistan’s share in it was quite nominal and stressed that government should develop furniture cities across the country that would promote this industry and boost its exports.

He assured that ICCI would cooperate with Islamabad Furniture Association in resolving key issues of furniture businesses.

Speaking at the occasion, Sheikh Javed Iqbal, President and Ch. Khurram Aftab Secretary General, Islamabad Furniture Association said that due to lack of cooperation of CDA, problems of furniture sector were multiplying.

They stressed that CDA should allocate separate land in Islamabad for furniture businesses on the pattern of Chiniot that would facilitate its better growth.

They said that growth of thousands of cottage industries was linked with furniture industry and if government reduce taxes on furniture sector, this industry would grow fast and create plenty of new jobs.

They said that government was registering businesses having 1000 sq feet area in sales tax and emphasized that furniture businesses should be exempted from this condition as they needed large area of space to keep furniture products.

Taj Abbasi, President Senior Vice President and Saif ur Rehman Khan Vice President ICCI said that Pakistan had great potential to enhance exports of furniture products, however, this sector needed government support to grow.

They said that furniture industry was the second largest industry of Pakistan after textile, but was facing many problems.  17% sales tax and 4.5% WHT on furniture business should also be revised downward to ease its problems, they added.

They said that government should provide support in introducing high-tech machinery and establishing more training centers for skilled workers for furniture industry that would accelerate growth of this important industry.