KARACHI -- Ahmed Chinoy Chairman of Pakistan Cloth Merchants Association said the federal government has constituted a three-member 'anomalies' committee headed by Abdul Razak Dawood, Prime Minister's Advisor on Commerce and Investment, while Hammad Azhar, Minister for Industries and Production and Nausheen Javaid Amjad Federal Board of Revenue (FBR) will be the members of the committee to address the anomalies in the Budget 2020.
Ahmed Chinoy said Ministry of Commerce has requested all the stakeholders to give their feedback on the draft Finance Bill, 2020 latest by June 17, 2020 to the Tariff Policy Wing, Ministry of Commerce. The feedback received from the stakeholders shall be examined by the committee for its incorporation.
He said the following is requested at earliest: Restore Zero Rating on GST - 'No Payment No Refund Regime' through revival of SRO 1125. The duty drawback of Taxes (DDT) should be increased from half and it must be fully paid. Withholding Tax (WHT) should be reduced from 1% to 0% for exporters custom rebate should be refunded electronically through SBP along with export proceeds. Reduction in duties and taxes on import of raw material used by textile industry. Suspend collection Export Development Surcharge till unitized amount of Export Development Fund (EDF).
Outstanding payment of Technology Up-graduation Fund (TUF) Schemes reinstate TUF Scheme in upcoming Textile Policy. Restoration of Income Tax Credit U/S 65(B) to encourage BMR and also include proprietorship and AOP with companies. EOBI and Social Security contributions...