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
FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds : ALSO READ
Source | TEXTILE | SHABBAR ZAIDI | FBR | APTMA | ZERO RATING | TAXATION |
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