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KCCI urges Pakistan's FBR to defer changes in tax regime
21
Nov '11
The Karachi Chamber of Commerce and Industry (KCCI) has urged Pakistan's Federal Board of Revenue (FBR) to defer the implementation of changes in the tax regime brought about through SRO 1012 of November 4, 2011.

KCCI President Mian Abrar Ahmad said FBR should not implement the changes without consulting all stakeholders, including the trade bodies and the chambers of commerce.

He added that the procedures and framework laid down in the SRO 283 for zero-rated sales tax regime for five export sectors has been successful until now in ensuring a level playing field for both the industry and trade.

He sated that replacing the same with the new taxes may lead to closure of already established markets in key cities of Pakistan. The new measures will especially deal a blow to yarns and fibres, chemicals, processing aids and accessories used in all large export-oriented industries.

In view of the same, Mr. Ahmad demanded that the FBR should immediately have a detailed discussion with all stakeholders, including the KCCI. He informed that delegations of Pakistan Yarn Merchants Association (PYMA) and Pakistan Chemicals and Dyes Merchants Association (PCDMA) have supported the demand to suspend SRO 1012 and restore the earlier SRO 283.

The KCCI President stressed that the sales tax rate should be maintained at zero for both commercial and industrial importers to prevent the misuse of the policy and to avoid distortions in taxes.

Fibre2fashion News Desk - India

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