KARACHI: Jewelery exporters rejected the budget presented by the federal government and started considering shifting factories abroad.
Exporters of gold jewelery have also termed the federal budget as export-killing. According to Chairman Pakistan Gem and Jewelery Traders and Exporters Association Habibur Rahman, the exemption of 18% sales tax and 2% income tax on import of advanced gold for export was not restored in the federal budget.
He said that the approved amendments were not made in SRO 760 to facilitate exports, while the Federal Ministry of Finance and Ministry of Commerce assured the amendment of SRO 760 to restore income tax and sales tax exemptions in the budget. was done Due to the difficulties of SRO 760, exports of gold jewelery have reduced by 95% and the exports of 1.20 billion dollars have reduced to 50 million dollars.
He further said that if the exemption of income tax sales tax is not restored and SRO 760 is not amended, exports will stop completely. The proposed 29% tax on exports from the fixed tax regime will make it more difficult to continue exporting. These are the reasons why jewelery exporters have started considering shifting factories to Dubai, Sharjah.
