EDF’S approach to finance ministry to release funds to commerce ministry will boost exports – Tanners

Karachi, February 12, 2014 (PPI-OT): Chairman, Pakistan Tanners Association, Sheikh Saqib Saeed Masood has hailed the recommendation of the EDF headed by its Chairman, Minister for Commerce, Mr. Khurram Dastgir Khan whereby the Ministry of Finance has been asked to release the withheld amounts collected from export proceeds @0.25% for transfer to the Export Development Funds of the Ministry of Commerce to be spent on the export promotional measures as per law.

Shaikh Saqib hoped that after transfer of Export Development Surcharge Collected from the exporters’ repatriated amounts from Finance Ministry to the Commerce Ministry the TDAP would be able to implement the pending as well as new export promotional projects without delay.

The Chairman, PTA fully supports the above move of the Commerce Minister urging the Finance Ministry to release the EDF Collections to be utilized by the Ministry of Commerce so that pending approved proposals of the leather industry, in particular may be met in order to give due relief to the tanners for business growth to earn maximum foreign exchange needed by the country.

Shaikh Saqib Saeed requests the Finance Ministry to order release of the withheld amounts of Export Development Surcharge to the EDF as soonest as possible in the interest of export promotion.

He further stated that the member exporters of leather industry have already paid huge amounts towards Export Development Surcharges under Ministry of Commerce @0.25% on their export proceeds so they genuinely deserve to be benefited from EDF.

For more information, contact:
Moinuddin Quraishi
Secretary
Pakistan Tanners Association
46-C, 21st Commercial Street,
Phase II, Extn., Defence Housing Authority,
Karachi-75500 – Pakistan.
Tel: +92-21-35880180, 35880184, 35899819,
Fax: 92-21-35880093
Email: info@pakistantanners.org