KARACHI: Mirza Nadeem Baig, Chairman Pakistan Chemicals & Dyes Merchants Association (PCDMA), expressed deep concern over non-implementation of SRO 1240 (I) 2020 issued by FBR for incorporation of chemicals & dyes raw materials in Part-2 (raw materials) and demanded from the customs authority to issue the schedule as soon as possible, so that the pay orders submitted under section 81 can be refunded to the commercial importers.
Chairman said that the Federal Board of Revenue (FBR) had issued SRO under which the previous 2% income tax rate was restored for commercial importers instead of 5.5% income tax. However, due to non-implementation of SRO and non-issuance of refund schedule, the capital of commercial importers is stuck in the form of pay orders and they are facing severe financial difficulties. He said that non-issuance of schedule is a matter of concern among commercial importers as it is not stated how the pay orders will be refunded.
He urged customs authorities to issue a schedule under SRO1240 as soon as possible, so that commercial importers can get their refunds which submitted under section 81 and commercial importers can get out of the financial crisis.
Copyright Business Recorder, 2020
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