Govt urged to restore fixed tax regime

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By Muhram Hussain

KARACHI: Amin Yousuf Balgamwala, Chairman PCDMA & former Director of Karachi Stock Exchange has appealed to Prime Minister Imran Khan to restore fixed tax regime (FTR) and SRO 1125 in the best economic interest of the country so that trade and industry can be saved from complete destruction due to ongoing COVID-19 pandemic.

In an appeal to Prime Minister, Amin Yousuf Balgamwala said that the business of commercial importers has been ruined as a result of corona lockdown and severe economic crisis. For the prevention of this pandemic all over the world including Pakistan were announced a lockdown to save the lives of masses. Due to closure of industries and markets, the capital of commercial importers was stuck and now the situation has reached such a stage that commercial importers do not even have the funds to revive the import of raw material.

“If import of raw material would be stopped then it will be very difficult to supply raw material to export-oriented industries accordingly their requirement especially textile sector, which is the backbone of Pakistan economy, as country economy is already suffering from serious crises so if there is a shortage of raw materials, the production activities of the export-oriented industries  including textile sector will also be hampered which will have a very negative impact on the country’s exports.”, he pointed out.

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