Federal Minister for Commerce Syed Naveed Qamar has assured the Sialkot Chamber of Commerce & Industry (SCCI) of the abolition of a 5 percent withholding tax (WHT) on export companies for sectors other than surgical instruments.
The commerce minister visited the SCCI today along with Defense Minister Khawaja Asif for an interactive session with the business community of the city. On the occasion, the commerce minister acknowledged the role of Sialkot in the economic sustainability of the country over the years.
He said that the business community of Sialkot has taken many revolutionary initiatives including the establishment of a private-sector airport and airline. During his address to the community, he said that the model of Sialkot should be replicated across Pakistan and termed it as the only solution toward prosperity.
Qamar said that the government should always play the role of the facilitator to the business community and assured his all-out support to the export sector of Sialkot in the provision of an enabling environment to achieve export-led economic growth.
He also directed the Trade Development Authority of Pakistan for enhanced linkages with the Sialkot Chamber of Commerce & Industry and expedited the processing of the proposals of the chamber.
The defense minister while speaking on the occasion said that the government was cognizant of the prevailing economic crisis and its effects on the business community.
During his address, the SCCI president invited the attention of the ministers towards the issues and proposals including but not limited to expediting the project of the Sialkot Industrial Zone, an extension of Local Taxes and Levies Drawback (LTLD) and Duty Drawback of Taxes (DDT) Schemes, withdrawal of EPD Circular Letter No. 01 of 2023, rebate on manicure pedicure/beauty instruments, and the abolition of 5 percent WHT on export companies for sectors other than surgical instruments.
Both ministers acknowledged the proposals and said that the matters would be resolved at the earliest and a meeting of the SCCI delegation would also be arranged with Finance Minister Ishaq Dar for the resolution of issues pertaining to the Ministry of Finance and the Federal Board of Revenue (FBR).
The defense minister announced that the issue of EPD Circular Letter No. 01 of 2023 would be resolved on a permanent basis by March 24, 2023.