Business

Govt to facilitate marble sector growth, exports

Miftah agrees fixed tax regime will be introduced for industry

Our Correspondent July 21, 2022

About taxes and facilities, Shahid said Rs1,900 and Rs3,600 are received as mineral taxes from single and double trucks in Ekka Ghund. PHOTO: AFP

KARACHI:

Federal Minister of Finance and Revenue Miftah Ismail has said that the government will introduce a fixed tax regime for the marble industry that will facilitate its growth and
boost exports.

Talking to a delegation of marble sector businessmen that called on him on Wednesday, Ismail said that the government wanted to support the marble sector in order to improve the export of marble products and assured them that he would help resolve the tax matters confronting the sector.

The businessmen delegation, led by Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir, briefed the minister about the problems being faced by the marble industry due to the imposition of 17% sales tax.

Munir proposed that in order to optimise tax collection and broaden the tax base, the government should re-introduce the fixed tax regime for the marble industry and charge sales tax through electricity bills.

He said that effective June 2016, the marble industry was paying fixed sales tax at the rate of Rs1.25 per unit of electricity consumed as the final discharge of its net sales tax liability to the extent of marble and granite manufacturing, grinding and polishing.

However, the regime was abolished under the Finance Act 2020 and the marble industry is now subject to the normal sales tax of 17% due to which the growth and expansion of the industry is suffering.

Furthermore, he stressed that the government should re-introduce the fixed tax regime for the marble industry in the next budget that would pave the way for its better growth and will increase the overall tax collection from the sector as people would willingly pay the fixed tax.

Senior ICCI members, high officials of the ministry including additional finance secretary, FBR chairman and stakeholders from the marble industry were present in the meeting.

Published in The Express Tribune, July 21^st, 2022.

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