Pakistan Soap Manufacturers Association (PSMA) in its executive committee meeting here on Friday discussed matters related to income tax, customs, shortage of power and gas to the industry. LCCI's Standing Committee Convenor on Sales Tax Tanvir Ahmad Sufi chaired the meeting.
Speaking on the occasion, he stressed that economic condition of Pakistan could not improve unless industries of Pakistan was facilitated to run at their full capacity. The meeting demanded that all the SROs like 98(1)/2013, SRO 140(1)/2013 and SRO 153A should be deferred or cancelled immediately. Certain amendments / corrections should be made in these SROs with consultation of industry and trade representatives.
The meeting stressed that duty structure for industrial raw material and machinery should also be revised in view of present international scenario. The speakers emphasised that maximum import duty slab on industrial raw materials and machinery should not be more than five percent. They also demanded that the supply of power and gas should be improved.
According to them, the world trade is opening up relaxing their rate of duty and tax system. The government of Pakistan should also make their relevant policies in line with the regional countries and other part of the world. Survival of industry can only be possible if it gets due attention from the government of their problems. They said the liquidity positions were getting worst and worst due to increased refund lying with the government.
Revenue could also be generated, if business activities are promoted by giving them due incentives. Industry and trade people are aware of this fact that the taxes are required for the advancement of social sector, but at the same time government should also realise that the revenue targets cannot be achieved unless tax system is not made easy. Duty structure be reduced to in comparison with other countries. The meeting demanded that FBR and Ministry of Finance should give opportunities to soap manufacturers of Pakistan to come and negotiate their demands with concern authorities.
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