PIAF Demands Inclusion Of Packing Material In Zero-rating
Sumaira FH Published August 01, 2016 | 10:52 PM
LAHORE,(UrduPoint / Pakistan Point News - 1st Augst,2016) : Pakistan Industrial & Traders Associations Front (PIAF) on Monday expressed concern over zero-rated regime granted to five export sectors, as it does not include 'Sales Tax refund claim' on packing material. In a meeting with Packing Industry delegation here, the PIAF patron in-chief Mian Anjum Nisar demanded that the authorities concerned to withdraw additional notification No.
491(I)2016 in the relevant notification No. 1125 (I) 2011 under which the government had abolished tax credit facility on packing material. He cited, "Packaging is one of the main costs of export industry and its exclusion from zero-rated regime is unjustified not only for packaging sector but also for the five export sectors, as they will have to pay tax on packing raw material." Mian Anjum said that after this notification, the zero-rated exporting industries would avoid purchase of packing material from local industry owing to taxation and import the raw material under the DTRE (Duty and Tax Remission for Export) facility without paying any duty.
The local packaging industry, consisting of mostly small and medium enterprises (SMEs), fully documented and registered with Federal board of Revenue and providing employment to hundreds of thousands individuals, would destroy.
The government either should include Sales Tax refund claim facility on packing raw material in zero-rated regime or exclude duty-free packing material import facility under DTRE scheme to save the local industry from shutdown. The PIAF appealed to the authorities concerned to amend the additional notification No.
491(I) 2016 in the relevant notification No. 1125 (I) 2011 without any delay.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Business
-
Pakistan retains position in FTSE secondary emerging market
57 minutes ago -
Pakistan retains position in FTSE secondary emerging market
53 minutes ago -
China's competitive car market at heart of global EV revolution
1 hour ago -
China's Xiaomi enters car market with new electric vehicle
52 minutes ago -
Pak-Türkiye strategize to boost bilateral trade to $5 billion
3 hours ago -
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
3 hours ago
-
Banks to open on March 30, 31 to facilitate tax collection
4 hours ago -
Stock markets rise before Easter break
4 hours ago -
NCA approves revised first quarter GDP estimates for 2023-24
4 hours ago -
26% increase on tobacco tax can reduce PKR 300bn in health cost
5 hours ago -
Minister expresses anguish over alleged use of poor-quality material
6 hours ago -
Commerce Minister initiates push for E-commerce growth with in-house briefing
6 hours ago