LAHORE: The representative of cement industry have expressed their concerned over some tax measures taken by the government in the federal budget 2015-16.
All Pakistan Cement Manufacturers’ Association (APCMA) Chairman Muhammad Ali Tabba, in a statement, said that these tax measures would hurt investors’ sentiments in general and will particularly burden cement consumers in the country.
He has requested Federal Finance Minister Ishaq Dar to revisit some fiscal measures which would definitely result in increasing the cost of doing business in the country and are against norms of taxation. He pointed out that taxpayers having taxable income of Rs 500 million or more, will now be liable to pay 3 percent super tax which is discriminatory in nature. He further regretted that super tax will also be charged on imputed income i.e. on exports also whereby exports are subject to final tax regime at the rate of 1 percent.
Tabba said that as per amendments introduced in Section 8 of the Sales Tax Act – 1990, services, for which input tax is barred under respective provincial tax laws, is no longer adjustable against Federal output tax liability.
