Demand for uniform tax of 5 percent on import of all dyes

YarnsandFibers News Bureau 2016-06-30 12:00:00 – Karachi

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on industrial promotion and facilitation chairman Abdul Shakoor Khatri, members of All Pakistan Textiles Processing Mills Association and Pakistan Dyes Manufacturers Association have asked the government to fix a uniform rate of 5 percent import duty on all kinds of dyes.

In a letter to Finance Minister Ishaq Dar, The FPPCI stated that the government has levied 3% import duty on one section of dyes whereas the proposed 16% import duty on other dyes is a threat to textile industry and exports. Such discretion will open floodgates of under invoicing and genuine importers will suffer financial losses besides national exchequer will be deprived of legitimate revenue. The Federal Board of Revenue (FBR) should remove anomalies from the budget 2016-17.

The FPCCI said that if duty of three percent would be levied on one section, it would be misused against fair, legitimate trade, and importers, who were importing dyes at the rate of 16 percent, would face hardships due to such anomaly, resulting in gross misdeclaration.

The traders have requested the government to fix a uniform tariff of 5 percent on all kinds of dyes and save national revenue, and let the businessmen and industry give level playing field and enhance revenue in national interest.

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