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PYMA condemns sales tax levy on commercial importers
Nov '11
Pakistan Yarn Merchants Association (PYMA) has condemned the five percent sales tax levy on commercial importers imposed through a Federal Board of Revenue (FBR) notification issued on November 4.

According to PYMA Central Chairman Muhammad Usman, subjecting commercial importers to five percent sales tax levy would kill their competitiveness.

On November 4, the FBR issued a notification that introduced amendments to sales tax regime and levied a five percent sales tax on commercial importers. As against this, imports by producers of five textile segments were bestowed with tax exemption benefit.

The PYMA official said that the sales tax regime before introduction of the amendments operated smoothly for the textile industry producers as well as commercial importers.

Fibre2fashion News Desk - India

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