Mr. Ishaq pointed out that levy of 10% advance payment of withholding tax on industrial units in electricity bills would heavily burden the already fragile financial position of the exporters, who had already been facing credit crunch as the bank loans had become very costly .He severely criticized the frequent hike in electricity, gas and petroleum prices, which had increased the cost of production making export goods uncompetitive in the world market. The PTEA chief emphasized the need to bring down the export refinance rates and cited the example of India where exporters were given five per cent concession in mark-up rates .Another exporter Riaz Shahid said that exporters had been expecting special measures for the crisis-ridden textile sector in the budget, but to no avail. He said the exporters had time and again drawn the government attention towards the export problems and demanded facilities, but their requests were turned down .Faisalabad Chamber of Commerce and Industry president Asim Khursheed said the government completely ignored the textile sector in the budget and announced nothing to inject new blood in the industry. He said though this budget would help the common man, but no measures were taken for the industry .He sought special relief for the textile industry and expressed the hope that the government would present a supplementary budget for this sector.Source: Dawn.com”
Date:6/14/2008
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