| Ishaq Dar to announce new
trade policy on June 22 |
| ..........ISLAMABAD
(June 22) : The new trade policy including revolutionary facilities for exporters to boost
exports in post-sanctions scenario will be announced on Monday by Commerce Minister Ishaq
Dar. ..........According to official sources of Commerce Ministry, the period to bring down trade gap to zero is also being reduced from three to two years. ..........Last year it was announced that the trade gap would be brought to zero in three years but due to encouraging trade figures during fiscal year 1997-98, the Government is hopeful to reduce the trade gap during the coming year. ..........The official sources told APP that a revolutionary set of proposals have been prepared to boost the export, if approved by the Federal Cabinet, would help boost exports remarkably. .........."Special facilities for the exporters doing value added exports have been proposed and we are sure that the exporters would feel encouraged after the announcement of new Trade Policy tomorrow," an official of the Ministry of Commerce disclosed. ..........The Commerce Minister was busy late night on Saturday to give final touches to new Trade Policy considering all the proposals forwarded by different trade and industries bodies, Associations and provincial governments. ..........Special meeting of the Cabinet will be held tomorrow in the morning to approve the new Trade Policy. Prime Minister Muhammad Nawaz Sharif will chair the meeting. ..........The minister will announce trade policy live on Radio and Television some time in the Monday evening (June 22) 1998.--APP ..........Copyright 1998 APP (Published under arrangement with Associated Press of Pakistan |
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Ishaq Dar Begins
7:05We want to improve our reserves and reduce trade deficit within two years
We will imporve conditioins for exporters
We will simplify trade & exports procedure
Exports improved 8.8% Last Year. Affected by $rate. Unit value has been decreased.
Targets
15% increase in export next years
400 million will be saved becuse of less import of sugar.
Important Points
Sales Tax & Duty Draw backs pending cases will be completed within one month
Export refinance is very important. Stank will float open availability
Export Processing Units who export 70% will get benefits
Their imports will be also duty free
Sales Tax will be refunded immediately
Genuine & Permanent exporters will not need to pay sales tax.
Small & medium enterprises will be provided loans at cheap rate who exports 70% of
their production
200,000 New emplyements will be created
14% markup rate is upto 10-11%. & will try to provide upto 8%
Those who increase 25-50% Value Added exports next year will get 2% extra faciltiy
Those who increase50-75% Value Added exports next year will get 4% extra faciltiy
Common Manaufacturing Bonded Scheme: They can purchase locally too
Re-export will be allowed
Duty Draw Backs rates will be set by input out put rate by CBR with help of private sector
Exporters will be refunded duty draw backs and sales tax from same windows
Coordination with foreign companies will be encouraged
WTO's will be encountered by good policies
Meat, Skin, Leather, Empty wooden metal, Oil seeds & total 15 banned items can be
exported
20% dutry in wet blue leaterh
ISO9000 certified will be waived from PSI Certification
Private Sector can also export coke
Miaze, Soda Ash etc can be freely exported
Land route exports though Afganistan will not get duty draw backs
Direct & Indirect exporters will be given same facilities.
Banned & Restricted Items on the grounds of environmental basis will also be allowed
to exports
Leather Value added exports will get 5% exports FOB on accessories
Pharmaceutical Industry will be given duty draw backs
25% Freight Subsidy on Vegetables/ Fruits will be removed except Potato
Lahore , Karachi, Faisalabad, Sialkot have same export houses
Bank timming will be same in four provinces
NGO's helping Afghanistan will file shipping bill. No duty draw backs in shipping bills
IMPORTS
Gold have only tree importers. Rs 50,000 for security reduced from 75000
Six months Stayed Overseas Pakistanis in Personal Beggage Scheme can bring 1 kg Gold. 5%
ad valerum duty
Lubricating Oils can be imported freely
Foreign Currency Demand Draft against imports have been cancelled except gassoline,
journals etc
Under NSI scheme Medical Old equipment is allowed on self generated revenue
Second hand and reconditioned computers not more than three years old will be allowed duty
free
New research samples will be allowed for next three years
Sugar, Cements, Oil Plants Secondhand imports will be banned except hi-tech unit which are
not made in Pakistan
Temporary import extended from 1 year to three years
Importer EPB 31 Dec 98 Sales Tax registeration No. Will be cancelled if they don't
register
Overseas remmittance will get same as exporters (Rs46)
Services will be provided export refinances
Regulatory System will be imposed On Services Sectory
SRO's will be available withing 15days from all related govt deptt
Export Modernization Committee will be formed & Check implementation of SRO
Govt want to clear all the processes
From Jan1, 1998 Textile Quote Handed over to private sector
It imporved our exports
No textile unit is handed over under ministers discretion
Minister's discrenationary quota is also removed
Import of Duty Free Cars by VIPs (President, Governers etc) will be banned
completely
I appeal to all exporters to work with honestly and good quality standards
Thanks
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Related Websites
Central Board of Revenue www.cbr.gov.pk
Pak Govt Official Site www.pak.gov.pk
Business Daily www.brecorder.com
Economy www.pak-economist.com
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