ISLAMABAD : The business community supports the government’s decision to implement new refund rules from August which will encourage the exporters, a business leader said Sunday.
The zero-rating facility was withdrawn after an IMF deal which has panicked exporters but the new rules will relieve them of the pressure, said Shahid Rasheed Butt former President ICCI.
He said that exporters will get refunds within 72 hours of filing monthly returns through an automated system which will provide space to the exporters.
However, he said that the decision should be implemented in letter and spirit to encourage exports which are going down despite 30 percent depreciation.
Shahid Rasheed Butt said that refunds worth 155 billion rupees which are due since years should be released to boost the export sector as exports are tied to national development without which country will remain dependent on foreign loans.
The business leaders said that the former regime increased current account deficit from $2.5 billion to $20 billion which has now been reduced by 32 percent.
Similarly, the import bill has been reduced by one billion dollars per months while remittances have increased by ten percent which is a welcome development.
He asked the government to reconsider taxing kitchen items as it will escalate the issue of food security in the country.(INP)
