KARACHI: Chairman Pakistan Chemical & Dyes Merchants Association (PCDMA) and former director of Karachi Stock Exchange, Amin Yousuf Balgamwala has urged the new Chairman Federal Board of Revenue (FBR) Javed Ghani to hold an online meeting with the commercial importers or arrange a meeting with the PCDMA members for discussion about the excessive taxes.
Expressing reservations over non-removal of budget anomalies by ignoring PCDMA's recommendations and requested for a review from new chairman FBR Javed Ghani. He demanded to restore 2pc income tax on commercial importers and withdraw the decision to increase the income tax rate to 5.5pc. "No importance was given by the FBR anomalies committee while the advisor to the Prime Minister on trade & investment Abdul Razzaq Dawood also did not play his role as a result demurrage & detention Charges are being imposed on imported goods at the ports", he added.
He said that the PCDMA had pointed out in the proposals sent to the budget anomalies committee that in the federal budget for the financial year 2020-21, many raw materials of chemicals & dyes have been included in part 2 to part 3 i.e. finished goods and the income tax rate has gone up from 2pc to 5.5pc, which is not acceptable for commercial importers of raw materials.
Copyright Business Recorder, 2020
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