ISLAMABAD: The Federal Board of Revenue (FBR) will hold a high-level meeting on Friday to review the recommendations of the upper house of parliament regarding the steel billet industry.
The meeting will be chaired by FBR Chairman Nisar Muhammad Khan, while Customs Member Nasir Masroor Khan, Inland Revenue-Operations Member Dr Muhammad Irshad and the officers from the Ministry of Industry and Production will attend the meeting.
On the other hand, the Pakistan State Oil (PSO) has proposed eliminating the withholding tax on the import of LNG or decreasing it to 0.5 percent in upcoming budget 2016-17.
The PSO has sent these suggestions for the next budget to Customs Member Nasir Masroor Khan. It stated that the PSO was exempted from withholding tax on petroleum products, but in the case of LNG, it is totally different, as WHT was paid on the import level of LNG.
The PSO paid 0.5 percent tax on its turnover including sales tax and WHT, while sales tax and petroleum levy development were collected by it as an agent of the FBR. It suggested that the amount of sales tax and levy should not be included in turnover.
Earlier, the oil company deposited the tax twice a month and now it was collected by the FBR after every week. They said that they should be allowed to deposit taxes twice a month. However, Customs Member Nasir Masroor has forwarded these suggestions to IR-Policy Member Rehmattullah Wazir.
