FCCI Welcomes Suspension Of SRO Condition

Faisalabad Chamber of Commerce & Industry (FCCI) acting president Sheikh Farooq Yusuf has welcomed the suspension of major condition of the SRO 1125(I) 2011 which had made levy of 'further tax' applicable on goods supplied to persons having no sales tax registration

FAISALABAD, (UrduPoint / Pakistan Point News - 17th Oct, 2017 ) :Faisalabad Chamber of Commerce & Industry (FCCI) acting president Sheikh Farooq Yusuf has welcomed the suspension of major condition of the SRO 1125(I) 2011 which had made levy of 'further tax' applicable on goods supplied to persons having no sales tax registration.

In a statement issued here on Tuesday, he said that after continuous declining trend in exports, the five major export sectors were declared zero-rated in order to lessen burden of tax on exporters.

He said that it was surprising, that the FBR inserted a new condition under SRO 1125 to levy further tax. He said that the condition proved detrimental as the cost of doing business was neither controlled nor the volume of export was increased. He said the business community had welcomed the government's decision to declare 5 important export sector zero rated.