Lahore, May 14, 2018 (PPI-OT): Businessmen Panel (BMP) has urged the government to address the reservations of commercial importers. In a statement issued today, the BMP Chairman Mian Anjum Nisar has said that the commercial importers were being treated under final tax regime and they were allowed audit exemption on the payment of 6 percent withholding tax.
This regime is replaced with minimum tax in the budget. Reassessment of raw material and opening of audit cases of commercial importers has also been proposed in the budget. Nisar said that new proposals were injustice to commercial importers and the same would not be acceptable. He said that commercial importers are also feeding the local industries and their difficulties would also hit the industrial sector hard.
“ New Pandora box and ways of corruption would be open after implementation of this suggestion of opening of audit cases of commercial importers hence cost of production would increased” Mian Anjum Nisar quoted.
Mian Anjum Nisar said that commercial importers import raw material for various sectors. “Bringing commercial importers into minimum tax regime will increase the cost of raw material,” He said and added that this will increase the cost of production for various sectors.
Nisar appealed the prime minister and the finance minister to keep the final tax regime for commercial importers and reduce the withholding tax rate to four percent from 6 percent. Further, the tax rate difference between commercial and non-commercial importers should be removed in order to provide level playing field. He proposed that commercial importers should be brought into refund regime to make the things better.
For more information, contact:
Public Relations Officer,
The Businessmen Panel Group (BMP)
Central Office: 5A, Main Boulevard, Gulberg, Lahore, Pakistan
Category: General Business News