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New taxation measures will stay put for 3-5 years
23
Mar '11
Salman Siddique, Chairman of the Pakistan Federal Board of Revenue recently said that, the taxation measures which are likely to be finalized by close of the current month, would remain in effect for coming three to five years.

He while speaking to the members of the All Pakistan Textile Mills Association (APTMA) said that, the government possibly may think over granting a reduction in the sales tax levy on domestic consumption of textile goods, but then he discarded the chances of government negotiating on documentation.

He urged the industrialists to share their views and give suggestions regarding the issue of sales tax imposition on domestic consumption of textiles, during the meeting that FBR is to hold on March 24 at either Karachi or Islamabad.

He revealed that the government would even have a relook of its decision of sales tax levy on capital goods by close of the current month. Further, while talking on illegal imports of fabrics, he said that the government is trying to rationalise the tax structure.

Presently, the Afghan transit goods are cleared on the basis of bank guarantee equal to the domestic taxes and duties, the FBR official said and added that, the actual delivery of these goods to Afghanistan are also being observed through electronic means.

Further, while responding to a question regarding 50 percent sales tax waiver for some of the regions of Khyber Pakhtunkhawa, he said that the privilege is made available to the terror affected areas, and this would in no way impact the industries in other regions of the country.

Some of the APTMA members even set forth a proposal of exempting the non-registered producers from the stage of weaving to processing, from levy of the new sales tax.

Fibre2fashion News Desk - India


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