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APTMA welcomes new sales tax formula
06
Apr '11
All Pakistan Textile Mills Association (APTMA) has lauded Chairman of the Federal Board of Revenue (FBR) for introducing a new Sales Tax scheme to support the textile industry.

Recently FBR brought down tax rate slab from 17-20 percent to 4-6 percent. It also announced an amnesty scheme for newcomers in the taxation system; removed tax on utilities on registered entities and it took a radical step to end the refund system, permanently.

APTMA chairman Gohar Ejaz termed the new Sales Tax law as a big boost for all the sectors in the textile value-added chain.

He said that the FBR Chairman had created an environment conducive for the growth of the textile industry. He also appreciated him for amending the law to suit the industry's demands, besides acknowledging the weaknesses of tax collection machinery.

He said that the APTMA had been campaigning for these changes since November last year. It insisted on putting an end to the refund system once and for all.

APTMA presented industry's case before standing committee of National Assembly, BFR, IMF and the World Bank. At every forum, it argued that the Value Added Tax (VAT) would not suit Pakistan.

APTMA had more than 20 meetings to convince the government for these amendments. It strongly opposed 20 per cent tax rate announcing it unbearable for the consumers.

After feeling the heat, the government agreed and amended the law accordingly. As per Gohar's claim, the tax burden on public is now as low as 4 per cent.

Fibre2fashion News Desk - India


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