The Pakistan Pharmaceutical Manufacturers Association (PPMA) expressed concerns over levy of 17 percent General Sales Tax (GST) on plants and machineries and non-announcement of zero rate GST for pharma industry. Pakistan Pharmaceutical Manufacturers Association (PPMA) has appealed to Prime Minister and the Finance Minister to withdraw the unjust levy of 17 percent GST on plants and machineries and the non-announcement of zero rate GST for the pharma industry.
Members PPMA compete with China and India, and industry appealed the government to take notice of the just demand of the pharma industry, failing which this industry would be heading towards collapse. "The PPMA is shocked despite commitment of the FBR, which they made prior to announcement of the budget, the same was not allowed", it added.
A delegation of PPMA met the FBR on June 16 in Islamabad regarding this matter, but during the meeting the impression gained was that some vested interest has blocked this just demand of the pharma industry. The pharma industry has not been allowed any across the board price increase since December 2001, whereas during this period the inflationary pressure has been well over 105 percent as per State Bank of Pakistan data.-PR
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