ANL 11.28 Increased By ▲ 1.00 (9.73%)
ASC 9.50 Increased By ▲ 0.41 (4.51%)
ASL 11.24 Increased By ▲ 0.25 (2.27%)
AVN 78.01 Increased By ▲ 0.41 (0.53%)
BOP 5.51 Increased By ▲ 0.11 (2.04%)
CNERGY 5.41 Increased By ▲ 0.08 (1.5%)
FFL 6.76 Increased By ▲ 0.16 (2.42%)
FNEL 5.91 Increased By ▲ 0.06 (1.03%)
GGGL 11.30 Increased By ▲ 0.21 (1.89%)
GGL 16.78 Increased By ▲ 0.25 (1.51%)
GTECH 8.99 Increased By ▲ 0.58 (6.9%)
HUMNL 7.20 Increased By ▲ 0.06 (0.84%)
KEL 2.96 Decreased By ▼ -0.04 (-1.33%)
KOSM 3.46 Increased By ▲ 0.25 (7.79%)
MLCF 27.15 Increased By ▲ 0.15 (0.56%)
PACE 3.10 Increased By ▲ 0.10 (3.33%)
PIBTL 6.11 Increased By ▲ 0.17 (2.86%)
PRL 18.06 Increased By ▲ 0.16 (0.89%)
PTC 7.08 Increased By ▲ 0.11 (1.58%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 34.75 Increased By ▲ 0.47 (1.37%)
TELE 10.94 Increased By ▲ 0.13 (1.2%)
TPL 9.40 Increased By ▲ 0.32 (3.52%)
TPLP 20.49 Increased By ▲ 0.34 (1.69%)
TREET 29.40 Increased By ▲ 0.25 (0.86%)
TRG 77.50 Increased By ▲ 0.39 (0.51%)
UNITY 20.36 Increased By ▲ 0.31 (1.55%)
WAVES 12.80 No Change ▼ 0.00 (0%)
WTL 1.37 Increased By ▲ 0.04 (3.01%)
YOUW 5.51 Increased By ▲ 0.52 (10.42%)
BR100 4,117 Increased By 16.2 (0.39%)
BR30 15,069 Increased By 42.6 (0.28%)
KSE100 41,630 Increased By 89.5 (0.22%)
KSE30 15,861 Increased By 56.2 (0.36%)

ISLAMABAD: The Issues Resolution Committee of the Federal Board of Revenue (FBR) has agreed to resolve sales tax refunds related issues of pharmaceutical companies during the budget (2022-23) in the light of recommendations made by the Pakistan Pharmaceuticals Manufacturing Association (PPMA).

PPMA Chairman Qazi Mansoor Dilawar told Business Recorder here on Wednesday that the positive development took place during the last meeting of the FBR’s “Issues Resolution Committee”. It has been recommended to the committee to release total sales tax refunds on a purchase basis. There is no chance of misuse of the active pharmaceutical raw materials imported exclusively for the manufacturing of medicines. In case it is not possible to give refunds on a purchase basis, then refund on raw materials and inputs be paid on a purchase basis and the remaining refunds on packaging material be paid on a “consumption basis”.

Another proposal is to reduce the sales tax from 17 percent to five percent on pharma raw material on a zero-rated basis and the FBR can impose five percent sales tax on finished goods, Dilawar added.

“Issues Resolution Committee” is headed by Chief Commissioner-IR, LTO, Karachi, and comprising senior officers of the FBR for resolution of issues of pharmaceutical companies. Terms of Reference (TORs) of the Complaint Resolution Committee included a review of the nature of grievance/issue possible solution and take

immediate action for its resolution.

The committee would follow up with concerned field formations till issue is resolved and also maintain a complete record of complaints/issues, mechanism adopted for resolution and post-resolution action required, if any.

Under the TORs notified by the FBR, the committee would share data with Board on a monthly basis indicating issues received, issues resolved and issues pending for resolution and reasons for pendency.

Copyright Business Recorder, 2022

Comments

Comments are closed.