Former Vice President KCCI and former Chairman Pakistan Chemical and Dyes Merchant Association (PCDMA), Haroon Agar has urged the Federal Board of Revenue to withdraw SR0 1012. He said taxes have been increased on commercial imports under recently issued SRO and expressed fear that increase in taxes may increase fake claims of refunds.
He said that FBR has exempted industrial imports from taxes, whereas 13 percent tax has been imposed on commercial imports, which is unjustified. He said that commercial importers have to pay 5 percent sales tax, 3 percent value addition and 5 percent income tax at the import stage.
He pointed out that commercial imports meet 60 percent industrial raw material requirements and rest is been imported by the industries itself. He said increase in tax on commercial imports would untimely have impact on industrial cost of manufacturing and end products would become more costly for its end user and exports.