ICCI demands more lenient import policy to promote business activities
- January 03, 2023
Faad Waheed said that the collection at the import stage contributes almost 50 percent of the total revenue collection. However, the restricted imports policy is badly affecting the tax collection of the country as the loss in revenue collection at the import stage varies between Rs.30 billion to Rs.50 billion per month. He said that if the imports are not further relaxed, the contractionary policy will further impact the revenue collection in the coming months. He stressed that the SBP should take the major chambers of commerce and industry of the country including ICCI on board to make further relaxations in imports so that the business activities can flourish and exports can be further increased to improve the meagre forex reserves of the country.
Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI said that the FBR has missed its collection target for December by almost 24 percent i.e. Rs.225 billion mainly due to sharp drop in imports. It shows that the import contraction policy is not producing beneficial outcomes for the economy and emphasized that the SBP should consider making it more lenient to promote business and investment activities in the country.