Export development surcharge scrapped by Shehbaz Sharif in a bid to boost business

Prime Minister Shehbaz Sharif on Monday ordered to immediate abolish the export development surcharge (EDS), taking a small but important step to lower the cost of doing business for exporters and responding to complaints about misuse of funds. The premier instructed to establish a committee to oversee the utilisation of the pending balance of Rs52 billion in the Export Development Fund (EDF), which is funded through a 0.25% surcharge. The decision has been taken following recommendation from the prime minister's private sector-led working group on the Export Development Fund. Musadaq Zulqarnain, a leading textile exporter, chaired the working group. It was decided that the 0.25% EDS on exports would be withdrawn immediately, providing essential relief to exporters and supporting competitiveness in global markets.