KARACHI: Iftikhar Shalwani, Karachi administrator, has extended all possible support to commercial importers for the economic prosperity of country.

Addressing the 50th anniversary function of Pakistan Chemicals and Dye Merchants Association (PCDMA), he said that if industries will grow, more employment opportunities will be created and the country will be economically stable Amin Yousuf Balgamwala, chairman PCDMA and former director of Karachi Stock Exchange, appealed to Prime Minister Imran Khan to give commercial importers the status of an industry like construction industry as commercial importers play a vital role in supplying raw materials to all whether they are local industries or export industries.

"FBR has issued a notification, according to which the matter of the inclusion of the raw material of chemicals and dyes from Part 2 (raw material) to Part 3 (finished goods) has been handed over to the budget anomalies and until the committee decides, commercial importers will have to pay 2pc income tax instead of 5.5pc, while under section 81, a pay order of 3.5pc has to be submitted which will be returned after the decision is taken," he said.

But so far it has not been possible to implement it, which is a matter of concern, he said.

Amin Yousuf Balgamwala demanded of the chairman of FBR to reinstate commercial importers in the fixed tax regime and to take steps to ensure 2pc income tax payment instead of 5.5pc as commercial importers are facing severe financial difficulties while cost of imported raw materials has also increased, as a result of which industries are also getting expensive raw materials.

"Therefore, the government should reduce the import cost of raw materials so that the export industries can get cheap raw materials to be able to compete in the international markets," he requested.

Copyright Business Recorder, 2020