LAHORE, Aug 28: The government is likely to take a decision on the demand of the business community to halve the recently imposed Gas Infrastructure Development Surcharge (GIDS) on Wednesday.
The demand for reduction in GIDS to Rs50 per mmbtu from Rs100 per mmbtu levied in the budget for the current year by All Pakistan Textile Mills Association (Aptma) at its annual dinner at the presidency in Islamabad on Monday.
In response, President Asif Ali Zardari had directed finance minister Hafeez Sheikh and petroleum minister Asim Hussain to sit with the Aptma leadership to reduce the levy imposed for raising funds for developing gas infrastructure in the country for overcoming its shortages.
The two ministers met the Aptma leaders — Gohar Ejaz, Ahsan Bashir, Yasin Siddiq and Shahzad Ali Khan – on Tuesday to discuss the issue. It was decided during the meeting to continue discussion on the issue on Wednesday for reaching a decision on it.
It may be recalled that the business community from both Punjab and Sindh is demanding reduction in the rate of the levy.
In the meanwhile, an Aptma release quoted President Zardari as saying during his address at the dinner that the textile industry had a potential of increasing its exports to $100 billion. He said the textiles and clothing sector was the mainstay of Pakistan's exports and was a symbol of Pakistan's manufacturing excellence.
The president commended the private sector for development of the industry and said a regionally competitive interest rate had become the need of the hour and asked the ministry of finance, central bank and Aptma to jointly formulate appropriate measures for achieving the industry’s sustainability and growth for boosting exports and creating jobs.
At the dinner, the president gave Aptma Legend of the Year Award to Gohar Ejaz, its former chairman, for his services to the industry and business.
Mohammad Abdullah was given award in recognition of his over 40 years of services to the textile industry and S.M. Muneer for his services to the business in general and textile industry in particular.
Aptma chairman Mohsin Aziz said the textile industry was contributing more than 53 per cent of the total export revenues of the country besides contributing 8.5 per cent to the GDP and employing 15 million people.
He appreciated the federal government for accepting Aptma’s proposals and responding positively by entrusting the industry with a pivotal role in the functioning of Pakistan Central Cotton Committee (PCCC).