Tax issue: AJK pleads govt to improvise
Most of the industrial units taking undue benefit of five-year tax-holiday incentive.
MIRPUR:
The Azad Jammu and Kashmir government has evolved an integrated strategy to discourage the trend of evasion of taxes, official sources said. The sources stated on Wednesday that most of the industrial units, functioning in the industrial districts of Mirpur and Bhimbher, were taking undue benefit of the five-year tax-holiday incentive. The Department of Excise and Sales Tax, AJK has proposed to the government for the withdrawal of notification about the tax holidays, they added. The sources said under an official notification of February 8, 1995, the AJK government had offered tax-holidays for a period of five years on account of sales tax for the new industrial units. The sources pointed out that unfortunately; owners of various AJK-based industrial units changed the names of their units with the same machinery at the same premises, after the completion of the stipulated five-year tax holiday’s period for tax concession.
Published in The Express Tribune, April 10th, 2014.
The Azad Jammu and Kashmir government has evolved an integrated strategy to discourage the trend of evasion of taxes, official sources said. The sources stated on Wednesday that most of the industrial units, functioning in the industrial districts of Mirpur and Bhimbher, were taking undue benefit of the five-year tax-holiday incentive. The Department of Excise and Sales Tax, AJK has proposed to the government for the withdrawal of notification about the tax holidays, they added. The sources said under an official notification of February 8, 1995, the AJK government had offered tax-holidays for a period of five years on account of sales tax for the new industrial units. The sources pointed out that unfortunately; owners of various AJK-based industrial units changed the names of their units with the same machinery at the same premises, after the completion of the stipulated five-year tax holiday’s period for tax concession.
Published in The Express Tribune, April 10th, 2014.