ISLAMABAD: The Finance Committee of national Assembly has recommended to FBR to arrange a meeting with the stakeholders of industrial and commercial importers at the earliest. The committee recommended that suggestions received from real estate, construction sector and Pakistan Automative Manufacturers Association (PAMA) may be forwarded to FBR for favorable consideration.
The meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held in Committee Room of Parliament House Islamabad, under the chairmanship of Qaiser Ahmed Shaikh, MNA.
The committee discussed the proposals received from different stakeholders i.e: All Pakistan Cables & Conductors Manufacturers Association and once again recommended to Federal Board of Revenue (FBR) that differential of income tax between commercial and industrial importers may kindly be made for industrial importer at import stage for raw material falling under chapter 25 to 55 will pay @ 2% WHT adjustable. No exemption certificate will be issued to industries.
Commercial importers importing raw material under Chapter 25 to 55 will pay 4% WHT as full and final. Rest Regime of WHT will remain the same which is for finished product. FPCCI agrees with the above proposal.
The meeting was attended by Saeed Ahmed Khan Manais, Rana Shamim Ahmed Khan, Isphanyar M. Bhandara, Ms. Arifa Khalid Parvez, Ms. Khalida Mansoor, Sheikh Fayyaz-ud-Din, Dr. Nafisa Shah, Syed Mustafa Mehmud, Asad Umar and Abdul Rashid Godil, MNAs, besides the senior officers from Ministry of Finance & Revenue, Federal Board of Revenue and stakeholders.
