Withdrawal of facility of carry forward in sales tax would create more problems for the local manufacturers as sales tax department has no mechanism to pay refund claims to 80,000 taxpayers every month. This has been claimed by the Pakistan Industrial & Traders Associations Front (Piaf), former chairman, Mian Shafqat Ali in a statement issued here on Thursday.
He alleged that it would result in delay in payments, increased interference of the tax officials and opening of doors to corruption. It would multiply the problems being faced by the local manufacturers apart from leaving negative impact on industrial performance.
He said that for a collective economic development all segment of the industry should be given equal facilities, so as facility of carry forward should be maintained in the budget for next year.
Pakistan Auto Parts Exporters Association Chairman, Tahir Javed Malik, said that engineering and auto parts industry was developing fast in the country besides fetching new investment. It was not only increasing the exports but also creating more jobs opportunities.
Nevertheless, he regretted that withdrawal of carry forward facility would create many problems for the auto parts industry. He called upon the Prime Minister to maintain this facility of carry forward besides reducing income tax and export refinance mark up rates.
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