Dr. Baig criticized withdrawing fixed tax regime for exporters and abruptly taking into normal tax regime.

Karachi, July 2024: Dr. Mirza Ikhtiar Baig MNA PPP criticized tax on exporters, withdrawing the fixed tax regime of 1991 to accommodate IMF demands. He said the act will seriously affect exports of Pakistan which have already stagnant for the last many years due to higher power and gas tariffs making the industry uncompetitive. Dr. Baig also flays that the textile sector works on a thin margin because of high input costs.  Exporters will be paying 29% of the normal tax regime in addition to additional taxes on profit. An urgent meeting of the Towel Manufacturers and Exporters Association(TMA) was held today at their head office, attended by a large number of exporters demanding the government to continue a 1% fixed tax regime for exporters with gradual transformation into a normal tax regime in the future. Dr. Baig supported the demand and promised to take up the anomaly in the standing committees of Finance & Revenue and Commerce.