‘Reduced market timings could result in losses’
PHOTO: FILE
The All-Pakistan Textile Mills Association (APTMA), on Tuesday, urged the government to take all relevant stakeholders into account before notifying any reduced timings for markets as new timings could result in sales dropping by 30%.
During the press conference, APTMA North Chairman Hamid Zaman said, “Any such notification without consultation between stakeholders and the government will plummet retail sales in the country and will reduce the demand for locally produced textile and other products.”
“Peak shopping hours are considered to be between 8pm and 10pm as many consumers typically shop after work. Most workplaces will continue to operate as per normal timings, ending their day at around 7pm,” he said, warning that, “Reduced timing may curtail sales by 30%, costing $15 billion or Rs3.5 trillion in economic activity.”
“The move will erode hundreds of billions in sales tax and income tax collection – all for a mere annual electricity saving of Rs62 billion,” lamented Zaman.
The APTMA chairman explained retail outlets owned by APTMA members, Chainstore Association of Pakistan (CAP) and Retail Business Council, are fully tax-compliant Tier-1 retailers.
“They are duly integrated with the Federal Board of Revenue’s Point Of Sale (FBR-POS) system and contribute greatly to the formal economy of the country,” he said, adding that, “Retail businesses contribute over 18%, or $64 billion, to Pakistan’s $376 billion GDP.”
Chainstore Association of Pakistan Chairman Tariq Rana added that, “Over 40% of annual retail sales activity occurs during the 30 days of the Ramzan; early closure during this period will lead to a collapse of annual sales and tax revenues.”
Instead, the APTMA leadership suggested the government implement daylight saving timings across the country to save approximately 1% of the annual energy costs, translating into annual savings of $230 million of the total fuel import bill currently standing at $23 billion.
Published in The Express Tribune, March 1st, 2023.
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