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KCCI extends support to PYMA in resolving taxation issue

KCCI extends support to PYMA in resolving taxation issue

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President A Abdullah Zaki has extended his full support to Pakistan Yarn Merchants Association (PYMA) for resolving a major issue pertaining to 2 per cent sales tax on commercial imports of raw material and 2 per cent value addition sales tax as these illegitimate taxes have resulted in raising the cost of doing business and this important sector of the economy was on the verge of collapse.

Talking to a delegation of PYMA led by its Chairman Khursheed Ahmed Shaikh during their visit to KCCI, A Abdullah Zaki assured that the chamber will take up this issue with authorities concerned by sending a joint delegation of KCCI and PYMA to Islamabad in order to bring this issue to the notice of Federal Board of Revenue (FBR) Chairman and officers concerned.

Abdullah Zaki demanded level playing field to all stakeholders, commercial importers as well as industrialists and requested that the value addition sales tax should not be more than 0.5 per cent at import stage.

PYMA delegation informed KCCI office-bearers that this issue has been raised from time to time with various officials concerned but to no avail, resulting in overburdening this industry and triggering anxiety amongst the businessmen associated with yarn trade.

PYMA Chairman Khursheed Ahmed, while stressing the need for maintaining good coordination between KCCI and PYMA, reiterated that they must work together to urge the decision makers for reducing this illegitimate sales tax from existing 2 per cent to 0.5 per cent so that the businessmen could take a sigh of relief.