Pakistan Yarn Merchants Association (PYMA) has demanded substantial rate cut in sales tax and income tax in the forthcoming federal budget, to enhance business activities as well as exports with a view to strengthen and push forward the economy of the country. These views were expressed by PYMA Central Chairman Qaisar Shamas Guccha, Zonal Chairman Muhammad Akram Pasha and Zonal Vice Chairman Adnan Zahid here on Monday.
They stated that the taxes rate in Pakistan is quite high as compared to regional countries particularly GST is 17 percent whereas in India it is 12.36 percent, in Indonesia 10 percent, in Japan eight percent, in Singapore seven percent, in Malaysia six percent and in Taiwan it is five percent.
Moreover the rate of income tax in Pakistan is comparatively higher than regional countries. This has generated tax evasion tendencies in the country. PYMA leaders pointed out that with the reduction in tax rates not only the industrial and business activities will be promoted but also country's exports will be enhanced.
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