Chairman of Pakistan Yarn Merchants Association (S & B Zone), Muhammad Saqib Goodluck has urged chairman Federal Board of Revenue (FBR) for withdrawal of notices issued to cotton yarn trades. He demanded that until issuance of clarification over SRO 333/2011, all notices issued to cotton yarn traders must be withdrawn immediately and acts of harassment to traders should be stopped.
Saqib said that in SRO 333, issued in 2011, it was clearly said that annual turnover tax from yarn traders would be 0.1 percent but Inland Revenue Department of FBR is charging at the rate of 1pc and notices issued to more than 60pc traders in which payment of annual turnover tax at the rate of 1pc has been demanded.
Muhammad Saqib Goodluck said when 0.1 percent annual turnover tax is mentioned in SRO 333/2011, then why Inland Revenue Department is continuously harassing cotton yarn traders. He demanded that FBR must clear ambiguity in SRO 333 and section 113, issue clarification and stop harassment to cotton yarn traders.
Referring to the meeting of PYMA's delegation with Dr Ateeq Sarwar, member Inland Revenue Policy FBR, he said member IR policy had accepted the plea from PYMA and termed receiving of annual turnover tax @ 1pc instead of 0.1 pc is unjustified. Member IR policy in a meeting with a delegation of Karachi Chamber of Commerce & Industry said that clarification over SRO 333/2011 would be included in upcoming budget.
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