Con­cern ex­pressed over fall­ing rice ex­ports

The Pak Banker - - NATIONAL -

Pres­i­dent Pak­istan Busi­ness­men and In­tel­lec­tu­als Fo­rum (PBIF), Pres­i­dent AKIA, Se­nior Vice Chair­man of the Busi­ness­men Panel of FPCCI and for­mer pro­vin­cial min­is­ter Mian Zahid Hus­sain on Mon­day ex­pressed con­cern over fall­ing rice ex­ports.

Gov­ern­ment's at­ten­tion can strengthen to boost ex­ports from the cur­rent over two bil­lion dol­lars to USD four bil­lion within three years, he said.

Mian Zahid Hus­sain said that gov­ern­ment should im­me­di­ately es­tab­lish Rice De­vel­op­ment Com­pany to cater for the bas­mati and non-bas­mati sec­tors, rice mills should be given sta­tus of in­dus­try with zero rat­ing, load shed­ding be re­duced and tax re­lax­ations should be an­nounced in the up­com­ing budget.

He said that re­pay­ment of ex­port re­fi­nance should be in­creased from 180 days to 360 days and fine on late re­pay­ment should be waived.

With­hold­ings tax on rice ex­ports should be re­duced from one per­cent to 0.25 per­cent while 3.5 per­cent tax on lo­cal pur­chase should be abol­ished, he said.

He said that duty should be waived on im­port of dry­ers and other equip­ment while im­port should be al­lowed through Wa­gah border so that lo­cal ex­porters should re­ex­port the com­mod­ity.

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