Businessmen invites for meeting this week:PM

Businessmen invites for meeting this week:PM
Businessmen invites for meeting this week:PM KARACHI: Prime Minister Mian Nawaz Sharif has invited business leaders for a meeting later this week to discuss issues confronting trade, industry and exports.

The meeting of business leaders with the prime minister is expected to be held on Friday. However, prior to this they will attend a ministerial consultative meeting wherein all concerned ministers will discuss the problems faced by the community. .

Business leaders belonging to export-oriented sectors will be led by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Adrees. There seems to be some differences amongst business leaders over the issues which need to be taken up with the prime minister.
There is a strong lobby within business community which feels that the issue of 0.6pc withholding tax on banking transactions is hampering industrial and commercial activities. Others feel that it is a tool to bring people under the tax net rather than a drive to collect more tax. Leaders of export oriented industries would like to take up issues related to unpaid huge refunds towards rebate and duties which are causing liquidity crunch for exporters. It is estimated that around Rs200 billion are outstanding with the Federal Board of Revenue belonging to the export sector.

Another issue is related to the cost of utilities which the business community feels is much higher than the regional countries and is making Pakistani exports uncompetitive on the world markets.

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