FPCCI rejects plan to withdraw zero-rating on exports

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KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) opposed the decision to withdraw facility of zero-rating of the five exports sectors and imposing sales tax. President FPCCI Zubair Ahmed Malik explaining the issue said there was no net collection by Federal Board of Revenue (FBR) on these five sectors.


He said the government wanted to collect sales tax and then refund. There is bound to be corruption blockage of funds and unnecessary hassle. He said this system was going on well and also appealed to the new government to discuss this matter with the FPCCI and stakeholders before making any change and also requested to incoming Prime Minister Mian Nawaz Sharif to direct FBR to hold this decision until a meeting held with stakeholders.


He said the sales tax on exports had become miserable failed as massive corruption in refund system resulted in loss of revenue to the tune of billions of rupees. He said some vested interests once again trying to open up floodgate of corruption to the FBR officials to mint money while genuine exporters would be left to suffer dueto blockade of their capital.


Courtesy: Dailt times


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