Karachi, June 20, 2019 (PPI-OT): PCDMA Chairman Shahid Vaseem has rejected the requirement of CNIC in Sales Tax Invoice in Federal Budget 2019-2020 and asked the Government to remove the anomalies with restoration of SRO1125 and FTR and said that this budget seem to make problems for business instead of ease of doing business. Large no of importers, traders, member of Executive Committee, Chairman Pakistan Keryana Merchant Association Mr. Nadeem Ur Rehman attended the meeting conveyed by Mr. Hafeez Ur Rehman Convener Budget and Taxation in PCDMA.
Chairman PCDMA Shahid Vaseem has said that commercial importer of Industrial raw material pay 6% advance non-adjustable tax at import stage therefore it is not justified to withdrawal Final Tax Regime FTR from commercial importers without giving than option of claiming Tax refund and facility for issuance of tax extension certificate so the facility of FTR will restore for commercial importer to make continue production activities to export industries and get industrial raw material at reasonable rate. He said that the requirement of CNIC on invoices is totally unjustified and it’s not practicable because commercial importer has already paid 3% additional tax as a penalty for sale to non-registered so why this requirement is included.
Chairman PCDMA expressed his concerns that due to increase in taxation rate, there are chances of increase in smuggling, which will not only hurt the business but also loss in shape of revenue to Government. He also demanded for not to give extra ordinary discretionary power to the officials, which will cause harassment among the business community and hurt the business activities as it is against the slogan of comfort of doing business given be the government.
Shahid Vaseem said that decision of withdrawal the facility of zero rate to 5 exported sector and implement 17% Tax is not a advisable because it will put negative effect on export and increase the dearness and he advise to give facility to export Industries and give relief in taxes otherwise the export which has already go down and can be further down.
For more information, contact:
Secretary General
Pakistan Chemicals and Dyes Merchants Association (PCDMA)
Chemical and Dye House, Rambharti Street,
Jodia Bazaar, Karachi-74000
Tel: +92-21-32432752, +92-21-32439124
Fax: +92-21-32430117
Email: pcdma2@gmail.com
Website www.pcdma.com.pk