KARACHI, (UrduPoint / Pakistan Point News – 21st Nov, 2020 ) :Federal board of Revenue responding to the demand of Pakistan Chemicals and Dyes Merchants’ Association has removed chemicals and dyes raw materials from part-3 (finished goods) and put now in part-2 (raw materials).
SRO 1240 has also been issued under which the previous rate of 2 percent income tax for commercial importers has been revived, PCDMA Chairman Mirza Nadeem Baig said in a statement here on Saturday.
He mentioned that in the federal budget 2020-21, the raw material of chemicals and dyes was mistakenly shifted from part-2 (raw material) schedule to Part-3 (finished goods) schedule. Because of this anomaly, the income tax rate for commercial importers was increased from 2 percent to 5.5 percent.
5 percent, he said.
Mirza Nadeem Baig thanked FBR officials, former chairman PCDMA Amin Yousuf Balgamwala, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Anjum Nisar, other senior business leaders Nasir Hayat Magoon, Saqib Fayyaz Magoon and Nasir Fateh Kukda for helping resolving this important issue of commercial importers.
Chairman PCDMA said that with the issuance of SRO, commercial importers would be able to pay 2 percent income tax instead of 5.5 percent and would also start getting back the submitted 3.5 percent pay orders under section 81.
In this regard, PCDMA members should provide the pay orders details so that association can play a role in refunding it.
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