Miftaah Ismail announced on Saturday that no friendly countries are willing to support Pakistan financially because of its “imbalanced economy”.
He To bridge the gap between exports and imports, the government has taxed manufacturing industries that contribute zero to exports, as well as traders and builders.
Mr. During a visit to a private health facility, Ismail addressed a private business community, an executive from a leading company, and financial and legal experts.
The imports of various items have reached $80 billion, despite measures taken to limit their imports. We export just $30bn or so,” the minister said before asking, “now tell me how this country can move forward with such behavior.”
As a result, none of our friendly countries are willing to contribute to our financial needs.
Miftaah and textile industry
In According to him, the textile industry contributes $20bn to exports. Several industries were unable to export their goods because of a lack of diversification and value addition, he said.
Therefore, we imposed an additional 5 percent tax on manufacturers who contributed zero to exports. Basically, we’re trying to entice them to export and help bridge the import-export gap,” he said. What is stopping us from exporting more from our manufacturing sector?”
Exporters could open letters of credit (LC) without any issue. The shortage of dollars, however, has forced us to ban certain imports. LCs can be opened for such importers. But not for those importing goods for manufacturing export-related goods or those urgently in need of an urgent supply.” he explained.
According to the minister, the shopkeepers will pay Rs41 billion in fixed tax. Afterwards, some issues [type of shopkeepers, business volume, etc.] led to three types of fixed taxes – Rs 3,000, Rs 5,000, and Rs 10,000. This will generate Rs27bn for us, initially.
For the next calendar year, no super tax will impose on businesses. Nonetheless, he called on the participants to donate 1 percent of their income to flood victims.
He became overcome with emotion as he passionately pleaded with businesspeople to help rehabilitate the flood victims and the damage infrastructure caused by unprecedented rains and floods.
we hoped that the disparity in gas prices between provinces will be “seriously reconsidered” shortly with cabinet approval, FM Ismail told the All Pakistan Textile Mills Association.
On He asked the SBP governor to visit the APTMA office next week to address all the finance-related issues due to the liquidity crunch and restrictions imposed by the State Bank.
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