Karachi (Lord Media): The Pakistan Pharmaceutical Manufacturers Association (PPMA) has urged the government to allow pharmaceutical companies to retain 35% of their export earnings in foreign currency to increase exports to 2 billion U.S. dollars. PPMA states that this move would help cover overseas marketing and brand registration costs.
Currently, companies are permitted to retain only 15% in foreign currency, which Dr. Qaiser Waheed considers insufficient. He stated that this change would not only boost exports but also strengthen competitiveness in the global market.
PPMA has included in its budget proposals to the Ministry of Finance a request to amend the State Bank’s foreign exchange manual to increase the foreign currency retention limit to 35%.
The pharmaceutical industry has also requested the restoration of a 10% tax credit on machinery purchases, which would promote industrial growth and economic stability.
PPMA has proposed tax exemptions on export earnings and other incentives to enhance the international reach of Pakistani products.
