Business Community Urge For Repealing PIDC To Promote Trade Activities In Province
Faizan Hashmi 2 months ago Tue 01st June 2021 | 02:54 PM
Business community on Tuesday urged the government for repealing Punjab infrastructure Development Cess (PIDC) to accelerate the economic activities in the province and restore the confidence of business community
ISLAMABAD, (UrduPoint / Pakistan Point News - 1st Jun, 2021 ) :Business community on Tuesday urged the government for repealing Punjab infrastructure Development Cess (PIDC) to accelerate the economic activities in the province and restore the confidence of business community.
In a press statement President SAARC Chamber of Commerce and Industry and Chairman United Business Group Iftikhar Ali Malik said that black act was enacted by PML(N) government in 2015 without taking stakeholders into confidence and realising its impact on economy.
He said that PIDC, which ultimately dampened business activities in the province forcing importers to take refuge in Karachi dry port against PIDC as such type of anti business cess is not imposed in Sindh.
He said that the irrational levy of 0.9 percent Punjab infrastructure Development Cess(PIDC) slashed Rs 398.78 billion Punjab revenue within three years besides shifting of imports clearance from Lahore, Sialkot and Faisalabad dry ports to Karachi dry ports thus avoiding additional financial burden on ease of doing business.
While talking to 10 members importers delegation jointly led by former FPCCI Vice Presidents Mian Rehman Aziz Chan and Chaudhry, Malik urged the government to repeal of PIDC act to accelerate the economic activities in the province and restore the confidence of business community.
Iftikhar Ali Malik said that act has adversely created its impact on business volumes at Dry Ports in Punjab, resulted in considerable diversion of tax revenues away from the province and hampered the businesses of clearing agents, transportation companies and other allied services that provide sizeable employment.
Mian Aziz Rehman Chan informed , on the other side, revenue started taking a steep dip from Rs 483.788 billion in 2017-18 to Rs.408.051 billion in 2018-19, which now has crossed Rs.295.219 mark of fiscal 2019-20.
He lamented that following shift of trading hustle and bustle to Karachi over burdening it's deports resulted inordinate delay in clearance.
Chaudhary Zahid Iqbal Arain sharing on the issue said importers in Punjab prefer to get their consignments cleared from Karachi and deliver those directly to their respective warehouses in Punjab to avoid additional financial burden to compete global markets.
He said unfortunately during period under review thousands of labourers were also rendered jobs less besides registering alarming decrease in revenue of three Dryports.
He said first time in history,entire business community and all chambers of commerce and Industry across the province are on one page for rescinding this act with immediate effect or at least suspend its operation till its final setting aside to provide solace to already hard hit importers in the wake of covid pandemic.