Karachi: A delegation from Pakistan Yarn Merchants Association (PYMA ) led by its Chairman Khurshid Ahmed Sheikh visited the FPCCI and met Mr. Zubair Ahmed Malik, President of FPCCI at the Federation house, .
They discussed various issues faced by their members particularly imposing 3 per cent withholding tax by FBR on import of raw material by commercial importers against 1 per cent by industrial importers, which has dismantled the level- playing field.
They feared that such a discrimination would not only lead to eventual elimination of economic activity conducted by commercial importers but would also encourage fake manufacturers to take advantage of unfair tax rate.
The PYMA delegation also expressed their concern on levies of 2 per cent value-addition tax as well as 2 per cent sales tax on commercial importers and said that they are highly unjustified since 100 per cent value addition will not only increase cost of doing business but would also facilitate misuse of value-addition..
Mr. Zubair Ahmed Malik, President of FPCCI informed the PYMA delegation that he would also like to invite the manufacturers in order to listen to their point of view as well and thereafter approach the Ministry of Finance and FBR to reconcile the matter keeping in view the grievances of both the parties.