MULTAN: The Regional Tax office has initiated the recovery of remaining taxes from the Cotton Ginners before March 30 for this cotton season.
The Federal Board of Revenue (FBR) has issued notices to cotton ginning factories in different areas for the payment of taxes.
The unpaid amount of taxes from the cotton ginning factories has accumulated to almost Rs 1 billion. The FBR and ginners had signed an agreement for the payment of cotton seed tax at the rate of Rs 6 per 40 kilogram. The FBR has collected tax worth Rs 164.44 million so far.
According to the Ginners Association, they have sold 8.822 million ton cotton. The recovery of taxes delayed due to imposition of tax on cotton seed cake. However, after the withdraw of 5 percent tax from the cotton seed cake, the regular taxes are also pending .
Pakistan Cotton Ginners Association President Haji Hafeez Anwar and Chairman Haji Muhammad Akram have appealed to the cotton ginning factories to pay taxes as soon as possible.
