Former FBR chairperson Shabbar Zaidi tweets about the zero rating of exports in Pakistan.
Previously, exporters paid taxes and claimed refunds after exports. The previous government introduced zero rating in the last phase of its tenure, but on the advice of Zaidi, reversed by the PTI government.
Syed Shabbir Zaidi, former chairman of the Federal Board of Revenue, has spoken out against the rejection of zero rate for Pakistan’s exports, saying it would be “regressive” to change it. Former Federal Board of Revenue Chairperson Shabbir Zaidi believes that restoring Pakistan’s export sector to zero rating in this age of technology is “unnecessary”.
“I fought and won the war for the abolition of zero-rating for export sector.”
“If this is done then we should forget about any tax system in Pakistan,” said Zaidi, while calling for an improvement in the refund system. “In this age of technology this will be absurd,” he said.Tweet | Shababr Zaidi |
Earlier, Abdul Razzaq Dawood, Advisor on Trade and Investment, allegedly zeroed in on the textile and apparel policy to be considered by the ECC for the entire textile chain in 2020-25.
Meanwhile, the All Pakistan Textile Mills Association (APTMA) said in a tweet on Wednesday that the withdrawal from the zero rating was an extreme move by then-FBR chairman Shabbir Zaidi. It was a reactionary policy.
“Abolition of zero-rating brought exporters to their knees, seeking the return of their own money,” said APTMA.Tweet | APTMA |
The APTMA further said: “Withdrawal of zero-rating has led to over Rs 250 billion stuck liquidity. That would have proved invaluable in expansion and modernization of the industry,” it said.APTMA
- Today’s gold rates in Pakistan – 18 August 2022Today’s gold rates in Pakistan – 18 August 2022 Today’s Gold Rates in Pakistan – 18 August 2022: The price of a single tola of 24-karat gold in Pakistan is Rs 141,200 on Thursday, 18 August 2022. The price of…
- Good News for Car BuyersGood News for Car Buyers:. In recent past days, renowned car makers Toyota, Honda and Suzuki increased prices of their car variants. This increase was due to inflation in the country. Inflation increased massively and break out all previous records….
- How to Check Your Bank Balance OnlineHow to Check Your Bank Balance Online How to Check Your Bank Balance Online:. We often try to check bank balance of our bank account. Because we may intend to pay Loan, pay utility bills or payment of educational expenses….
- FBR Rebuts News Story Published by a NewspaperFBR Rebuts News Story Published by a Newspaper FBR Rebuts News Story Published by a Newspaper:. Federal Board of Revenue(FBR) has categorically rejected the news item published in a newspaper that FBR system is under a major ‘cyber attack‘. This…
- 100 Prize Bond List 15 August 2022100 Prize Bond List 15 August 2022:. Prize bond draw of Rs 100 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued…
- 1500 Prize Bond List 15 August 20221500 Prize Bond List 15 August 2022 1500 Prize Bond List 15 August 2022:. Prize bond draw of Rs 1500 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their…