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Leather exporters want redemption from withholding tax
28
Aug '08
Pakistani leather exporters have pleaded the Federal Board of Revenue (FBR), to bring back the provision of Sales Tax (ST) registration facility at import stage and free them from one percent withholding tax on imports.

In an exclusive interview with Fibre2fashion, Mr Asif Rahim, Secretary, Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) stated, “Leather industry is a zero rated industry, it means the exporters don't have to pay import duty on raw materials, neither do they have to pay income tax or sales tax. The association is also looking forward for the Government to provide them with the Exempted Certificate.

Explaining further Mr Asif divulged, “One percent withholding tax is to be paid at the export stage, which is the only final liability for exporters. Any kind of tax paid for the product is refunded by Govt, if goods are exported, and in case these leather products are sold in domestic market then taxes are applicable.”

The leather exporters of the country are taxed under presumptive tax regime and tax deducted from export proceeds are deemed to be final tax under section 154 (4) of Income Tax Ordinance, 2001.

Entrepreneurs related to the export of leather goods opine that this eradication will only simplify the process, as tax deduction at import stage leads to blockage of funds, which ultimately is refunded to them.

Fibre2fashion News Desk - India


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