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January 26, 2020

FPCCI, PCDMA to work together

Business

January 26, 2020

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has agreed with Pakistan Chemicals and Dyes Merchants Association (PCDMA) to jointly resolve problems faced by commercial importers on a priority basis.

The decision was taken when FPCCI President Anjum Nisar met PCDMA delegation, led by its Chairman Amin Yousuf Balagamwala at the Federation House on Saturday.

Nisar said raw material supply was crucial for production growth, especially in the textile sector, and the government would be informed about the problems, while contact with the relevant departments would be intensified. It was also decided to form a committee for recommendations resolve the issues, which would then be sent to the relevant bodies.

Balagamwala said Customs department had not changed the valuation rolling for two years. In the global market, item prices have dropped below $1,000 to $600, but instead of reducing the valuation rolling, Customs was receiving duty at $1,000 from importers, which needed revision as per global market.

Emphasising the problem of 10 percent additional sales tax, he said that sales tax and duty tariff should be reduced to promote industrial activity. “Commercial importers do not import consumer goods but import industrial raw materials, the government must reduce sales tax and duty tariff to ensure the supply of raw materials at reasonable prices,” he added. Expressing concern over non-acceptance of PCDMA certification for Weboc ID, he said that PCDMA was an A Class Association besides the representative of commercial importers across the country. “Terefore, the Karachi Chamber as well as the PCDMA certification should be accepted,” he added.