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Dr Mirza Ikhtiar Baig Senior Vice Chairman Pakistan Denim Manufacturers and Exporters Association (PDMEA) has strongly opposed the statement released that CBR is considering to make uniform withholding tax at import stage on import of raw materials by the commercial importers as well as manufacturers-cum-exporters.
Presently there is 6% withholding tax on the imports by the commercial importers whereas the industrial-cum-exporters are exempted from the withholding tax on the import of raw materials used for manufacturing export goods. Dr Baig said the exporters are already facing severe competition and losing their competitiveness.
He opposed the proposal to charge 3 percent withholding to industrial importers on import of raw materials. He reiterated that the government may reduce withholding tax to 3 percent to commercial importers but it is not at all advisable for the manufacturers to pay any withholding tax on import of their raw materials not manufactured locally for manufacturing export goods. He requested the CBR not to disturb the existing withholding structure for the industrial manufacturers.-PR

Copyright Business Recorder, 2007

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