Asad Nisar Barkhurdaria, Senior Vice Chairman, S.I.T.E. Association of Industry has condemned the move of FBR of amending the SRO 575(I)/2006 through SRO 448(I)/2011 and withdrawing sales tax exemption on import of machinery, equipment and other related equipment, as capital goods imported by commercial and industrial units under customs SRO 575(I)/2006.
Asad Nisar said that this facility was given under SRO 575(I)/2006 on the import of machinery, equipment and other related equipments, which were not being manufactured locally and were required for replacement and expansion purpose etc and it will raise the cost by 17 percent.
This facility has been withdrawn vide SRO 448(I)/2011 and the Custom authorities now will also collect 17 percent sale tax on the imported machinery etc, which would affect the industrialisation in the country, he added. He urged the Finance Minister not to give so much liberty to FBR that it continue to change the law on its own wimps without realising, as what would be its impact on the indigenous industry.-PR
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