PESHAWAR: Like other parts of the country, the pharma industry association in Khyber Pakhtunkhwa (KP) has announced a strike, demanding that the government revoke advance tax on the sector.
In this regard, Pakistan Chemist and Drug Association (PCDA) central executive member, Aurangzeb, told Profit that the federal government has added to the issues faced by the pharma industry by amending Income Tax Act 236-G and 236-H, which will lead up to a 50 per cent increase in the prices of medicines across the country.
Besides this, he said, it will force those involved in the industry to lose their jobs.
According to Aurangzeb, more than 0.1 million medical stores, 17,000 wholesalers and up to 1,200 distributors in Khyber Pakhtunkhwa are depositing their tax returns under the Sales Assessment System at present.
He added that it was impossible for small medical store owners to get the services of a chartered accountant to provide documents to tax officials.
It is pertinent to mention here that currently, the government collects tax on one medicine at five places – from manufacturing companies, distributors, wholesalers, medical store owners and the consumer.
The Pakistan Chemist Drug Association (PCDA) has demanded that the federal government immediately withdraw the amendment otherwise the protest will continue.
