PHMA lauds unified export scheme

LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has lauded the Federal Board of Revenue for simplifying the export promotion schemes by developing a single unified scheme, and suggested a few changes in the draft to make the process more simple and easier.

In a letter to FBR, PHMA Zonal Chairman Faisal Mehboob Sheikh said that the proposed single unified export promotion scheme needs to be simplified, as the rules of earlier export facilitation schemes, including Duty and Tax Remission for Exporters (DTRE), Export-oriented Units (EOU), manufacturing bond, and temporary importation and duty drawback for textile exporters, were quite complicated with cumbersome procedures, taking months to import raw materials and intermediate goods.

Exporters are facing difficulties and their cost of doing business is higher compared with the regional countries, making them uncompetitive in the global market, he said.

Sheikh said that the exporters having a neat and clean history of 10 years must be enrolled in these schemes automatically, sparing them from the long and cumbersome procedure of assessment and enrollment.