Budget 2016-17: PBIF chief calls budget ‘over-optimistic’
Rice, the second largest export sector, should be part of the zero-rated tax regime
ISLAMABAD:
The export target in the budget is over-optimistic, said Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain. The government has revised upwards the export target by 10.7% to $24.8 billion, which also contradicts the target of $35 billion set in the export policy framework announced recently, he said. Hussain said imports had been projected to jump from $39.4 billion to $45.2 billion, which would put the economy under pressure due to reduced remittances along with 6% tax imposed by Saudi Arabia on worker remittances. Moreover, he said, 10 sector-specific companies should be established to boost exports while the SME sector, cottage industry, meat and poultry sector should be promoted. Also, rice, the second largest export sector, should be part of the zero-rated tax regime.
Published in The Express Tribune, June 7th, 2016.
The export target in the budget is over-optimistic, said Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain. The government has revised upwards the export target by 10.7% to $24.8 billion, which also contradicts the target of $35 billion set in the export policy framework announced recently, he said. Hussain said imports had been projected to jump from $39.4 billion to $45.2 billion, which would put the economy under pressure due to reduced remittances along with 6% tax imposed by Saudi Arabia on worker remittances. Moreover, he said, 10 sector-specific companies should be established to boost exports while the SME sector, cottage industry, meat and poultry sector should be promoted. Also, rice, the second largest export sector, should be part of the zero-rated tax regime.
Published in The Express Tribune, June 7th, 2016.