Chemical-makers for structural reforms, forward-looking policy framework
PCMA Chairman Haroon Ali Khan, in his official statement, acknowledged positive budgetary like intent to revive Large Scale Manufacturing, taking notice of misuse of tax incentives for FATA/PATA which is adversely hurting the legitimate manufacturing business and elimination of ACDs.
However, he expressed deep concern over the lack of a coherent policy framework for the chemical industry, noting that high energy costs, prolonged GST refund delays, excessive tax burden on legitimate businesses, frequent changes in Policy and misuse of Export Facilitating Scheme are deeply hurting the domestic industries providing raw materials to export oriented sectors such as textile chemicals, leather chemicals & resins etc. These impediments continue to hinder growth.
He further added that elimination of 5th Schedule by 2030 will have devastating effects on local industry, especially Chemicals.
The Association also expressed alarm over the expanded discretionary powers granted to the Federal Board of Revenue (FBR).
Haroon Ali Khan emphasized the need for digital reforms and taxpayer facilitation before enforcing coercive measures that could harm business confidence.
PCMA also urges the government to officially designate the chemical industry as a 'strategic sector', ensuring preferential land and utility access, and to establish a one-window platform for environmental and licensing approvals, along with national R&D support programmes.
Copyright Business Recorder, 2025
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