RCCI Applauds Elimination Of 17% Sales Tax On Pharmaceuticals

RCCI applauds elimination of 17% sales tax on pharmaceuticals

RAWALPINDI, (UrduPoint / Pakistan Point News - 29th Jun, 2022 ) :Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf said that abolition of the 17 percent sales tax on pharmaceuticals would not only make medicines cheaper but also alleviate the shortage of capital for pharma related companies to manufacture medicines.

In a statement released here on Wednesday, he said that the imposition of 17 percent sales tax on pharmaceuticals had caused the production of medicines to decrease, and there was a fear of shortage of life-saving drugs.

He maintained that the RCCI had also presented his recommendations to the government on removing the 17 percent sales tax from the chamber's platform at the All Pakistan Chambers Conference held in January 2022.

He said that the sales tax imposed on raw materials had multiplied the prices of medicines and expressed hope that the reduction in sales tax would make drugs cheaper and more available.

Nadeem informed that the Chairman Standing Committee on Medicine of the Chamber along with his team played a vital role while successfully negotiating with the government.