Business community welcomes renewal of GSP Plus status

MULTAN: The business community has welcomed the renewal of GSP Plus status for two years by the European Union.

Talking to reporters here on Friday, Multan Chamber of Commerce & Industry president Malik Israr Ahmed Awan said that the GSP Plus plays a catalyst in boosting Pakistani exports. During the last three years, Pakistan exploited GSP Plus status by accessing markets across the European Union, he said and added that Pakistani exports to the EU increased from 24 per cent in 2013 to 34 per cent in 2016. The MCCI president said that renewal of GSP Plus status for two more years was a golden opportunity, which our exporters could exploit and make most out of it to meet export target of $35 billion.

There was no alternative industry or service sector other than textile that had the potential to benefit the economy with foreign currency earnings and new job creation, he added. Under the GSP Plus status, Pakistani goods had duty-free access on 91 per cent of EU tariff lines, he disclosed. He said that it was a good news that our exports increased by 11.19 per cent in the period of July-Dec 2017 as compared to July-Dec 2016. It seems that train of trade was on the right path and necessary steps need to be taken in order to continue this trend, he continued.

The government should fulfill its announced commitments and ensure timely release of all stuck-up refund payments against the sales tax, duty drawback on local taxes and levies and DDT, he added.

FBR forms body: Federal Board of Revenue (FBR) has constituted a 19-member regional advisory committee (RAC) to foster friendly relation between the tax officers and taxpayers. Chief Commissioner Regional Tax Office (RTO) Multan, Zubair Bilal will head the committee while Chief Commissioner RTO Inland Revenue Multan is its chairman. Commissioner Inland Revenue Multan zone, Commissioner inland revenue corporate zone, commissioner inland revenue withholding tax RTO Multan, assistant collector/deputy collector (head quarter) RTO Multan will be the members of the committee.