Islamabad Chamber of Commerce and Industry has welcomed the Federal government decision for putting Ghee and Steel Industry in negative list in Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA)tax relief for giving them tax relief
Islamabad (Pakistan Point News / Online - 17th June, 2019) Islamabad Chamber of Commerce and Industry has welcomed the Federal government decision for putting Ghee and Steel Industry in negative list in Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA)tax relief for giving them tax relief.President, Islamabad Chamber of Commerce and Industry Ahmed Hasan Moughal has said that decision would encourage these sectors and incentives were causing huge loss to FBR in taxes as steel and ghee industries were shifting from tax area to non-tax area and there was un-healthier competition in the market.
He said labor was shifting from Punjab to KP and federal taxes on steel had reduced by 50% due to shift of steel units from all parts of the country to FATA/PATA which was an alarming situation.He said that sales tax exemption to FATA/ PATA was creating revenue problem to FBR as this tax wasa consumer tax and buyer has to pay it. He said industry has to collect this tax from consumer.
