Pakistan Chemicals & Dyes Merchants Association (PCDMA) Chairman Shaukat Riaz has asked the Finance Minister Ishaq Dar to remove tax discrimination between the industrial and commercial importers in budget (2014-5) to provide a level plying field to the entire business community.
According to an announcement of the PCDMA here on Monday that Chairman PCDMA also proposed comprehensive changes in the Pakistan Customs Tariff (PCT) headings to encourage imports of chemicals in the country. As per association that the discrimination between commercial importers and industry should be eliminated, adding that commercial importers are supplying raw material to industries on credit uninterruptedly without any interest, so that the production activities could be continued without any pause.
Finance Minister Ishaq Dar held out assurance that Trade Association's proposals be incorporated in budget 2014-15, as the incumbent government is determined to promoting economic activities, so that to speed up the economic development in the country, the association said.
Addressing a Pre-budget session here in FBR House last week, the finance minister shed light on the government economic policy and said that the government wants to chalked-out a three-year trade policy and three-year Vision Policy 2014-2017 would soon be announced so that to promote real trade and industrial production activities and could eliminate SROs culture once and for all.
The meeting, which was attended by Pakistan Chemicals & Dyes Merchants Association (PCDMA) Chairman Shaukat Riaz and representatives of Trade Associations from across the country, was held with the objective to hold discussion on the traders' proposals before the budget.
While giving the reference of the PCT chapter 25-39, the PCDMA Chairman suggested that 10 per cent custom duty be levied on chemicals produced domestically, while five per cent duty be imposed on imported chemicals items. The PCDMA Chairman strongly opposed the access of FBR to the data of bank customers and suggested that access only be given to those customers' data, who don't have NTN numbers. He also proposed that instead of charging 0.3 per cent on cash withdrawal from banks over Rs 500,000, the withholding tax should be charged from those who did not have NTN, which obviously would broaden the tax net.
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