Gold exporters warn to move businesses abroad against sales tax

Rejecting the implantation of an 18 percent sales tax on the raw materials of gold, the gold exporters have announced moving business abroad, reported the 24NewsHD TV channel on Thursday.

Talking with the TV channel, Chairman of Gold Exporters Habib-ur-Rehman said that the sales tax exemption on gold raw materials has been withdrawn by the government and an eighteen per cent sales tax has been implemented.

Habib-ur-Rehman said that 22 kg of gold came to Pakistan before the sales tax exemption ended.

Gold remained at the port for 3 months, and a foreign exchange of $500,000 was lost, Habib-ur-Rehman said.

Some exporters have left the country already; if relief is not given before the budget is approved, the rest of the exporters will also leave the country, Habib-ur-Rehman warned.

Reporter: Kawish Memon