Interviews
Pre-Budget recommendations from PRGMA
12 May '08
3 min read
Pakistan Readymade Garments Manufacturers Association is presenting its proposals for Federal Budget 2008 – 2009, when newly elected government is planning its future policies.
The national economy and life of the common man is under extreme pressure due to the following reasons:
• High rate of inflation, especially food inflation
• Rising un-employment
• Energy shortage and long hours of load shedding
• High cost of production
• Lack of industrialization
PRGMEA feels its responsibility in the process of country's economic development, We are well aware about the fact that things have changed under “Globalization” the responsibilities of private sector are completely changed and enhanced.
Now, the social and economic development of a society is directly linked with the developmental activities of the private sector.
In order to compete in the world market, we have to provide raw materials to our major industries at competitive price, hence it is recommended that raw material not locally manufactured or produced be zero rated customs duty, Tax credit and fiscal benefits be offered to encourage those industries which provided import substitution and or help us to ease power crisis in the country.
We have suggested to reduce sales tax on local manufacturing and imports to 10% instead of 15%, this proposal will not reduce the final revenue of sales tax as compared to last or current year, because prices of majorityraw materials increased by more than 100% in last one year.
The national economy and life of the common man is under extreme pressure due to the following reasons:
• High rate of inflation, especially food inflation
• Rising un-employment
• Energy shortage and long hours of load shedding
• High cost of production
• Lack of industrialization
PRGMEA feels its responsibility in the process of country's economic development, We are well aware about the fact that things have changed under “Globalization” the responsibilities of private sector are completely changed and enhanced.
Now, the social and economic development of a society is directly linked with the developmental activities of the private sector.
In order to compete in the world market, we have to provide raw materials to our major industries at competitive price, hence it is recommended that raw material not locally manufactured or produced be zero rated customs duty, Tax credit and fiscal benefits be offered to encourage those industries which provided import substitution and or help us to ease power crisis in the country.
We have suggested to reduce sales tax on local manufacturing and imports to 10% instead of 15%, this proposal will not reduce the final revenue of sales tax as compared to last or current year, because prices of majorityraw materials increased by more than 100% in last one year.
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