KARACHI: A delegation of Pakistan Chemicals & Dyes Merchants Association under Mirza Nadeem Baig’s leadership visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to congratulate Mian Nasser Hyatt Maggo newly elected President of FPCCI on his success.
The delegation discussed various issues being faced by the business community, particularly by the Chemicals & Dyes sector in the meeting. The delegation informed regarding classification of certain goods in Part-III of the 12th Schedule of the Income Tax Ordinance, 2001 whereas, the importers claimed the goods to be covered under Part-I or Part-II of 12th Schedule of the Income Tax Ordinance, 2001.
Initially, FBR allowed all such disputed consignments securing difference of taxes in the form of pay order or bank guarantee until the importers provided documentary evidence to FBR that the claim rate has been allowed during the last financial year the same goods. The list of such raw materials was available in the then rescinded SRO 1125(i)/2011 which the FBR accepted to grant such exemptions. Meanwhile, a list of industrial raw material approved by the board without taking into account the consideration of the trade to the effect that a detailed list of raw materials is already provided in the then rescinded SRO 1125(I)/2011. A detailed representation of the issue has already been made by the FPCCI vide letters dated 25-11-2020 and 26-11-2020 showing concern on encashment of pay order/bank guarantee by the FBR already deposited by the importers in this respect. However, the issue is not resolved by the FBR till to date.
Mian Nasser Hyatt Maggo President FPCCI assured his full support in removing the industry’s hardship and will discuss the matter with the relevant departments.
The meeting also suggested that FPCCI consider committees for resolving the issues of Income-tax, sales tax, and customs rising day by day. Meeting also suggested the formation of an Arbitration Committee for resolving business community mutual conflicts.
The meeting was attended by Athar Sultan Chawla and Nasir Khan, Vice Presidents FPCCI and the PCDMA delegation members Hamza Asif, Asif Riaz Magoo, Nasir Riaz, Nasir Fateh, M. Arif Balgamwala, Mubbashir Umer, Abdul Hafeez, Muhammad Sadiq, Nadeem Aftab, M. Arif Lakhani, Salim Muhammad, Farid Ahmed, Altaf Ghaffar, Muhammad Naseer, Tariq Magoon, and Shaukat Hussain.
Athar Sultan Chawla, Vice President FPCCI presented the vote of thanks, suggested the delegation to submit their recommendation in writing for a better understanding and announced the full support from FPCCI.