Senior Vice President of Karachi Chamber of Commerce and Industry (KCCI) A. Abdullah Zaki has appreciated Central Board of Revenue (CBR) Chairman Abdullah Yousuf for accepting most of the recommendations made by KCCI anomalies committee.
The chamber's Senior Vice President recalled that under the Finance Bill 2007, withholding tax on polyester filament yarn was increased from one percent to five percent, adversely affecting the local polyester weaving industry that was facing difficulty to compete against the onslaught of imported/smuggled fabrics.
He thanked the CBR chairman for reverting to the previous level of withholding tax from five percent to one percent.
"Similarly on chamber's recommendations, the sales tax on flat rolled products has also been reduced from 20 percent to 17.5 percent. Earlier, the CBR withdrew five percentage point increase in sales tax on scrapes, billets and ship-breaking", Abdullah Zaki informed.
"This would go a long way in reducing the price of steel products, which has witnessed a sharp escalation in prices after the budget", he added. He appreciated the revival of the scheme for commercial importers with some amendments and allowing them exemption from audit, thus minimising the contact between an importer and tax collector without any loss in revenue.-PR
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