KARACHI: Pakistan Plastic Manufacturers Association (PPMA) has criticised the federal budget, saying the proposed measures would badly affect the plastic sector, a statement said.
PPMA Chairman Zakaria Usman criticised bringing commercial importers into the minimum tax regime from fixed tax regime, it added. “We are of the strong view that the current rate of income tax is very high, as our raw material is high-value commodity and importers already pay substantial amount of taxes at the import stage”, Usman said.
PPMA has requested Finance Minister Miftah Ismail and Federal Board of Revenue (FBR) to withdraw the proposal of bringing commercial importers into the minimum tax regime and retain the status of commercial import under the fixed tax regime.
The PPMA chairman said the government has failed to bring wholesalers and retailers into the tax net, adding that enhancement of further tax from two percent to three percent would discourage honest taxpayers and incentivise the tax evaders.
