KATI urges postponement of EIF requirement to revive industry

KATI urges postponement of EIF requirement to revive industry

Karachi, May 24 – The Korangi Association of Trade and Industry (KATI) has called on authorities to postpone the implementation of the Electronic Import Form (EIF) requirement in order to facilitate the revival of the industry.

KATI President, Faraz-ur-Rehman, highlighted that the EIF and Financial Instrument (FI) issue has reached a critical stage, leading to a complete halt in imports. The unavailability of raw materials has severely impacted the industry, bringing it to a standstill.

READ MORE: Open file transactions facilitate tax evasion in property sector: report

President Faraz-ur-Rehman emphasized that temporarily suspending the EIF and FI conditions would contribute to documenting the previously undocumented economy. This measure, in turn, could help alleviate the crisis by utilizing the dollars currently circulating in the black market. By addressing these concerns, the industry would have the opportunity to recover and resume operations.

READ MORE: Study provides insights into Pakistan’s struggle to tax retailers and wholesalers

During a surprise visit to KATI, Adviser to the Chief Minister of Sindh for Commerce, Faraz Abid Lakhani, discussed the issues raised by President Faraz-ur-Rehman. The KATI President appealed to Advisor Lakhani to take necessary steps to temporarily waive the EIF and FI requirements.

In response, Faraz Abid Lakhani assured President KATI of his full cooperation and pledged to convey KATI’s proposal, including the concerns of the Korangi Industrial Area regarding EIF and FI, to the relevant authorities in Islamabad.

READ MORE: SITE Association urges government to lift import restrictions in budget 2023-2024

He further stated that the government’s top priority is to stabilize the economy. Despite the challenges posed by the foreign exchange shortage, the government is striving to overcome this difficult period with the support of overseas Pakistanis and friendly nations.

READ MORE: KCCI stresses out-of-box solutions to prevent further downslide in economy

The demands put forth by KATI reflect the urgent need to address the obstacles hindering industrial growth. By postponing the EIF requirement, the government can provide much-needed relief to the industry, allowing it to regain momentum and contribute to the overall economic development of the country.

Leave a Reply

Your email address will not be published. Required fields are marked *

nineteen − 18 =