Business Reporter Dawn TV + Daily Dawn
KARACHI: Jewelry exporters say that due to FBR’s policy and tax measures, the export of gold jewelry from Pakistan is in jeopardy, due to which Pakistan is not only losing foreign exchange but also related to the jewelry sector. The employment of thousands of people is also affected.
Pakistan Gem and Jewelry Traders and Exporters Association Patron General Akhtar Khan Tesuri and Chairman Habibur Rahman said in a press conference at Karachi Press Club that the export of gold jewelry from Pakistan has been suspended for four months.
According to the exporters, due to the imposition of 18% sales tax on the import of advance gold ordered from the buyer, not even a gram of gold was imported from Pakistan, but the buyers returned their advance gold to Mongolia and canceled the orders and gave it to India, which cost Pakistan crores of rupees. The foreign exchange has suffered.
Akhtar Khan Tesuri said that if the 18% sales tax exemption is not restored, there is a fear that the export of gold jewelry from the country will be completely stopped.
He said that the Prime Minister’s House including the Federal Ministry of Commerce and the Ministry of Finance had assured to restoration of sales tax and income tax exemption on the import of advanced gold under the interest scheme for the export of gold ornaments, which was not fulfilled in the budget. could be
Akhtar Khan Tesuri said that the exemption of 18% sales tax and 2% income tax on the import of advanced gold for the export of gold jewelry was abolished in February 2024, which has made it difficult to continue the export of gold jewelry.
Chairman Gem and Jewelry Traders and Exporters Association Habibur Rahman said that exporters exporting gold jewelry from Pakistan are shifting their business to Dubai and Sharjah.
He said that if the sales tax exemption for the export of gold jewelry is not restored, then during the next financial year, the export of gold jewelry which is currently 100 million dollars will be reduced to one or two million dollars.
