The All Pakistan Textile Mills Association (APTMA) recently urged the country’s caretaker government to immediately notify the zero-rating facility of sales tax on import of machinery that expired on June 30 and, as a result, machinery imported for balancing, modernisation and replacement (BMR) and for investing in greenfield projects are stranded at ports.
The statutory regulatory order issued was approved by the outgoing cabinet and only notification of the same is pending, Pakistani media reports quoted a press release by APTMA chairman Aamir Fayyaz Sheikh.The All Pakistan Textile Mills Association (APTMA) recently urged the country's caretaker government to immediately notify the zero-rating facility of sales tax on import of machinery that expired on June 30 and, as a result, machinery imported for balancing, modernisation and replacement (BMR) and for investing in greenfield projects are stranded at ports.#
Sheikh urged the finance and commerce ministers to take stock of the situation to act immediately in this regard. (DS)
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