Businessmen criticise imposition of tax on seeds import

KARACHI: The government should reconsider the decision of imposing sales tax on companies involved in the research and development of hybrid seeds locally, an official said.

United Business Group (UBG) leader, member of the Lahore Chamber of Commerce and Industry (LCCI) Executive Committee, Guard Group Senior Executive Momin Ali Malik added that the rising electricity and fuel prices are making the export-oriented industries uncompetitive.

“The long-term planning has become impossible for industries and businesses. Agriculture is a major supplier of raw materials for our export sectors, especially in the cotton sector which is under severe pressure due to non-availability of quality seeds,” he said.

Malik said that it is unfortunate that the government had imposed sales tax on the import of quality seeds of different crops, while mentioning that the imported hybrid seed of rice and maize is a success story.

The government should open more doors of trade with Russia and ensure the establishment of banking channels, he said, adding that Pakistan’s trade with Russia is less than $1 billion.

Malik said that young leadership has entered the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and UBG leaders Iftikhar Ali Malik and S M Munir have started selecting young businessmen to lead the business community and they will soon join FPCCI.