ISLAMABAD: The Pakistan Steel Melters Association (PSMA) has submitted seven demands before the FBR for handling the crisis of steel industry in Pakistan.
According to sources, PSMA has sent a letter to the FBR in which the association demands decrease in the fixed sales tax on electricity from Rs 9 to Rs 6, impose Rs 7,200 per tonne excise duty on steel melting units established in Provincially Administered Tribal Areas (PATA), Dargai and Mardan and impose 40 percent sales tax on imported steel billet from China.
The association further said that as PATA, Dargai and Mardan steel melting units are exempted from sale tax and income tax and they are bounded to sell their products in the limited areas but they sell their products out of the limited areas which is a loss for the taxpayers units in the country. Therefore, association demands imposition of Rs 7,200 per ton excise duty on the said industries.
The associations also demanded the government stop smuggling on the Silk Road, Turkham and Taftan roads as a lot of steel bilts are smuggled through these roads. The association also demanded that remove the regulatory duty of 5% on raw material of recyclable scrap.
FBR to launch faceless tax audit system
ISLAMABAD: The Federal Board of Revenue (FBR) is set to introduce a faceless audit and assessment system across all four...
