ISLAMABAD— The Senate Standing Committee on Commerce and Textile Industry has taken notice of the prevailing economic situation and summoned a meeting t (October 3) to hammer out issues of the business community necessary for rapid economic development.
The meeting summoned by the Chairman of the Committee Senator Mirza Afridi will be attended by top government functionaries and representatives of the business community.
The meeting has been summoned at a time when almost a million people have lost their jobs due to sluggish economy, local and foreign investment is at the lowest ebb, the business community is disappointed while the quarterly tax target has been missed by Rs111 billion.
The meeting summoned on the advice of textile expert Mian Zulfiqar will review issues faced by the largest foreign exchange earning sector of textile, stagnation of the economy, under-invoicing, heavy import duty slapped on import of apple and smuggling of fruit from Iran.
Deadlock over NIC condition, issues confronted by commercial importers including confusion over taxation and refunds, adjustment, exporters rebate and discouraging export of raw salt and encouraging the export of value-added salt will also be discussed in the meeting.
The private sector will be represented by leading chambers of commerce and associations of textile exporters, readymade garment exporters, towel manufacturers, power loom owners, yarn traders, etc.