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FBR has potential to support Pak exporters: World Bank
14 Aug '20
1 min read
Pic: Shutterstock
Pakistan’s Federal Board of Revenue (FBR) has the potential to support exporters in these difficult times, according to the World Bank’s programme lead public sector specialist Clelia Rontoyanni, who recently highlighted various aspects of support for competitiveness in textile businesses while addressing a consultative dialogue on ‘textile sector’s competitiveness amid Covid-19’.
“In the recent past, several new measures have been introduced by the FBR including the reduction in sales tax rate, customs duty and ease in filing tax returns that may help in improving the cash flow of exporters,” said Rontoyanni.
“Tax authorities need to realise that two-thirds of imports are inputs for the manufacturing sector and therefore tariffs on inputs should be lowered,” she was quoted as saying by Pakistani media reports.
The World Bank official added that the tax system should be predictable and responsive to needs of the private sector.
“In the recent past, several new measures have been introduced by the FBR including the reduction in sales tax rate, customs duty and ease in filing tax returns that may help in improving the cash flow of exporters,” said Rontoyanni.
“Tax authorities need to realise that two-thirds of imports are inputs for the manufacturing sector and therefore tariffs on inputs should be lowered,” she was quoted as saying by Pakistani media reports.
The World Bank official added that the tax system should be predictable and responsive to needs of the private sector.
Fibre2Fashion News Desk (DS)
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