Economic reforms a must to avert Lanka-like situation

All Pakistan Textile Mills Association (APTMA) Patron-in-Chief Gohar Ejaz has laid stress on economic reforms to avert Sri Lanka-like situation.

Economic reforms are a must to avert Sri Lanka-like situation, he said in a write-up in a local English daily.  Gohar penned a set of suggestions to cope with economic challenges 

Economic crisis can only be overcome by increasing exports, he said, laying stress on simplifying the tax system.

High-interest rates should be reduced while the difference between filer and non-filer should be removed and loans should be given to the export sector on easy terms, he added.

Increasing exports can solve the problem while there is a need to improve the environment to increase exports and the system of taxes should be simplified, he said adding that the Textile Policy 2020-25 should be implemented and loans should be given to export industries on easy terms.

Tax should be levied only on profits and no cess should be levied on the revenue while the focus should be on growth, export industries should have access to low-priced electricity and gas, he said, adding that the electricity billing system should be decentralized.

He continued: Facilitation should be given to those setting up new factories. Taxes and duties on raw materials should be abolished Sales tax system and duty drawback schemes should be improved.