Disappointed over the abolition of final tax regime (FTR) for raw material importers, the Pakistan Industrial and Traders Associations Front (PIAF) has said the imposition of minimum 6 per cent withholding tax is not justified and FTR should be restored. PIAF chairman Irfan I Sheikh has appealed for withdrawal of the amendments before the budget is finalised.
Sheikh said raw material importers and commercial importers should not be treated in the same manner as the former import for the industry and any increase in taxes would translate to higher tax on the industry, according to Pakistani media reports.Disappointed over the abolition of final tax regime (FTR) for raw material importers, the Pakistan Industrial and Traders Associations Front (PIAF) has said the imposition of minimum 6 per cent withholding tax is not justified and FTR should be restored. PIAF chairman Irfan I Sheikh has appealed for withdrawal of the amendments before the budget is finalised#
He also demanded exemption of raw material importers from audit. Imposition of a further 3 per cent sales tax would also promote flying invoices and the government would lose significant revenue, he added. (DS)
ALCHEMPro News Desk – India
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