ISLAMABAD: The Standing Committee Federation of Pakistan Commerce and Industry (FPCCI) Chairman Khalid Jahangir Butt has demanded to bring amendments in the policies of sales tax, income tax, and custom act for the betterment of industrial department.
According to details, he made demands through separate letters that were written to member custom Federal Board of Revenue (FBR) and member policy FBR Islamabad. While pointing out the troubles of steel pipe industry regarding the custom act he stated that regulatory duty up to 12.50 per cent on import of steel products was feasible.
He pointed out in written letters that same law should be formulated for industrials and exporters so that can compete each other in market.
The chairman pointed out that the further tax has created a mess for the industry and it cannot be handled as we have a very specific value addition and finding registered persons to save further tax is almost impossible.
Secondly the sections 236G and 236H don’t have a proper application so these should be considered removal for industry in this budget, he added in written letters.
“Had two meeting held at FBR head quarters Isb, first with Member Custom regarding our reservation on the implication of RD and removal of SRO 565 clause that is being misused, for the betterment of Steel Pipe Industry’ he mentioned.
The member ensured us that the department will seriously consider the reservations of our industry and take all the necessary measures to help industrial sector resolve this issue. Second meeting with member policy on the issues that the industry is currently facing these days regarding sales tax, income tax, it pointed out in letters.
The chairman pointed out that the further tax has created a mess for the industry and it cannot be handled as we have a very specific value addition and finding registered persons to save further tax is almost impossible.
Regarding the exemption of income tax, he mentioned that exemption of income tax was also a very tough task to achieve as member requested to please ensure a discounted rate of income tax is charged so we can save ourselves from the hastle of exemption. He mentioned that discussion regarding income tax was going that should implementation made on section 236G and 236H.
