FPCCI team to meet PM today

KARACHI: The office-bearers of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have been invited for a meeting with Prime Minister Shahid Khaqan Abbasi and federal Finance Minister Dr Miftah Ismail on Tuesday to discuss the issues pertaining to the Federal Budget 2018/19, a statement said.

The FPCCI team would try to convince the leaders to remove certain anomalies before the Finance Bill 2018 is passed by the National Assembly, it added. The FPCCI wants the government to resolve the long outstanding issue of gas infrastructure development cess (GIDC) by rationalising the previous accumulated GIDC dues, within its tenure.

Moreover, the apex body wants further tax on sales to unregistered persons be scaled down from three percent to one percent, originally introduced vide the Finance Act 2013, as it is a root cause of flying invoices.

The apex body has been demanding the final tax regime (FTR) status of commercial importers should be restored and the tax paid at the import stage at the rate of six percent be considered as full and final discharge of their tax liability, it added.

It will also urge the government to finalise the mechanism of payment of pending refund claims of all federal and local taxes and duties, within three months, in consultation with the FPCCI, to save the exporters from liquidity crunch.