Non-removal of budget anomalies jeopardizes importers: PCDMA.

KARACHI -- Amin Yousuf Balgamwala, chairman PCDMA and former director of Karachi Stock Exchange on Monday expressed reservations over non-removal of budget anomalies by ignoring PCDMA's recommendations and requested for a review from new chairman FBR Javed Ghani.

In a statement, chairman PCDMA demanded to restore 2pc income tax on commercial importers and withdraw the decision to increase the income tax rate to 5.5pc.

"No importance was given by the FBR anomalies committee while the advisor to the Prime Minister on trade and investment Abdul Razzaq Dawood also did not play his role as result demurrage and detention Charges are being imposed on imported goods at the ports", he added.

He said that the PCDMA had pointed out in the proposals sent to the budget anomalies committee that in the federal budget for the financial year 2020-21, many raw materials of chemicals and dyes have been included in part2 to part3 i.e. finished goods and the income tax rate has gone up from 2pc to 5.5pc, which is not acceptable for commercial importers of raw materials.

The PCDMA Chairman further said that commercial importers should import raw materials for industries, especially the textile and leather industry...