Increase in sales tax: Industry concerned over FBR’s proposal
PHMA chairman said that FBR is bent on proposing draconian moves that would destroy the value-added sector’s exports
PHMA chairman said that FBR is bent on proposing draconian moves that would destroy the value-added sector’s exports. PHOTO: REUTERS
FAISALABAD:
Chairmen of five textile sector associations have expressed concerns over Federal Board of Revenue’s (FBR) proposal to increase sales tax, demanding instead a zero-rated tax regime, no payment and no refund system for exports.
During a joint meeting held in Faisalabad, headed by the Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Central Chairman Dr Khurram Tariq, the chairmen demanded the immediate payment of pending sales tax refund claims and warned of protest if demands are not met.
“It has been reported that the FBR has proposed a hefty increase of 3-5% in sales tax and also wants to withdraw 5% exemption on power bills for the sector - this is an alarming situation,” said an official. He said despite the Prime Minister’s clear and distinct announcement of granting zero-rate regime to the sector, the FBR is bent on proposing draconian moves that would destroy the value-added sector’s exports.
Published in The Express Tribune, May 25th, 2016.
Chairmen of five textile sector associations have expressed concerns over Federal Board of Revenue’s (FBR) proposal to increase sales tax, demanding instead a zero-rated tax regime, no payment and no refund system for exports.
During a joint meeting held in Faisalabad, headed by the Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Central Chairman Dr Khurram Tariq, the chairmen demanded the immediate payment of pending sales tax refund claims and warned of protest if demands are not met.
“It has been reported that the FBR has proposed a hefty increase of 3-5% in sales tax and also wants to withdraw 5% exemption on power bills for the sector - this is an alarming situation,” said an official. He said despite the Prime Minister’s clear and distinct announcement of granting zero-rate regime to the sector, the FBR is bent on proposing draconian moves that would destroy the value-added sector’s exports.
Published in The Express Tribune, May 25th, 2016.