PCGA opposes 4pc withholding tax on entire textile value chain.

MULTAN -- The Pakistan Cotton Ginners Association (PCGA) warned on Wednesday that imposition of four percent withholding tax on the entire textile value chain would completely destroy the whole industry. Addressing a press conference here, PCGA's vice chairman Mehr Muhammad Ashraf Mahar, former chairmen Haji Muhammad Akram, Shehzad Ali Khan, ex-vice chairman Aasim Saeed Sheikh said that the FBR was bent upon killing the hen that laid golden eggs. They pointed out that the FBR repeatedly stated that tax on domestic commerce was 1 percent instead of 4 percent as there was no change in the income tax laws, rules and regulations but now a 'clarification' by FBR was issued stating that the withholding tax on the entire textile value chain would...