MULTAN: The government have withdrawn tax on oil and cotton seed-cake with an aim to provide relief to industry, said Pakistan Cotton Ginners Association (PCGA) Chairman Hafeez Anwar during a press conference at PCGA office in Multan.
He said that the Federal Board of Revenue (DBR) had abandoned the plan to impose 5% sales tax on cotton seedcake and 29% sale tax on cooking oil after close examining of business activities.
He said that the decision would also assist in business growth in the southern Punjab region.
“The decision to withdraw tax will provide a huge relief to the farmers of this region,” he said. He expressed that new taxes on oil and cotton seedcake were implemented through SRO 188(1)2015 of the Federal Board of Revenue.
He said that the decision to withdraw sale tax was a gift from the government for protection of rights of ginners in the country, and this will have a positive impact on the country’s economy.
He also said that the PCGA will praise the government’s all such decisions at every level and support its right economic policies.
