Quantcast
Wednesday , August 23 2017
Breaking News
Home / Karachi / PYMA concerned over 3pc withholding tax on import of raw material
PYMA concerned over 3pc withholding tax on import of raw material

PYMA concerned over 3pc withholding tax on import of raw material

KARACHI: Pakistan Yarn Merchants Association (PYMA) sought assistance of FPCCI against unjust taxes.

As per details, a delegation of PYMA led by its Chairman Khurshid Ahmed Sheikh met Zubair Ahmed Malik, President of FPCCI at the Federation House, Karachi.

They discussed various issues faced by their members particularly imposing of 3 percent withholding tax by FBR on import of raw material by commercial importers against 1 percent by industrial importers, which has dismantled the level playing field.

They feared that such a discrimination would not only lead to eventual elimination of economic activity conducted by commercial importers but would also encourage fake manufacturers to take advantage of unfair tax rate.

The PYMA delegation also expressed their concern on levies of 2 per cent value-added tax as well as 2 percent sales tax on commercial importers and said that they are highly unjustified since 100 percent value addition will not only increase cost of doing business but would also facilitate misuse of value-addition.

Zubair Ahmed Malik, President of FPCCI informed the PYMA delegation that he would also like to invite the manufacturers in order to listen to their point of view as well and thereafter approach the Ministry of Finance and FBR to reconcile the matter keeping in view the grievances of both the parties.