Pakistan Steel Re-Rolling Mills Association Chairman, Hafiz Mohammad Akhtar, has urged the government to abolish section 10 of the Sales Tax Act and revive the old carry forward policy (CFP).
In a statement issued here on Monday, Akhtar said that section 10 of the Sales Tax Act would open up Pandora's box for the local manufacturers, as the Sales Tax Department has made no proper arrangements to refund the claims of as many as 80,000 tax payers every month.
He added that section 10 of the Sales Tax Act would put a negative impact on the whole industrial process. In order to ensure industrial progress in the country, it is imperative to provide level-playing field to the local industry, he asserted.
He also urged the CBR Chairman to withdraw levy of 0.1 percent on withdrawals of cash exceeding Rs 25,000 from banks for being impracticable.
He was of the view that levy of duty on cash withdrawals from banks has put the banking sector in trouble. He said it seems the government wants to use the banks and other financial institutions as tax collecting agents just for easing the collection.-PR
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