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April 29, 2015

‘PTA members filing 100pc tax returns’

Business

 
April 29, 2015

KARACHI: Pakistan Tanners Association (PTA) members are filing 100 percent income tax returns, Association Chairman Muhammad Musaddiq said in a statement on Tuesday.
Leather sector of Pakistan comprises four integral parts, including finished leather (tanners) represented by the Pakistan Tanners Association (PTA), leather garments represented by the Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA), leather footwear represented by Pakistan Footwear Manufacturers Association(PFMA) and leather gloves represented by Pakistan Leather Gloves Manufacturers and Exporters Association (PGMEA).
He said the Pakistan Tanners Association members have national tax numbers (NTN) certificates and are filing 100 percent of their obligations by paying one percent income tax on export proceeds through banks, besides paying other taxes such as sales tax, advance tax, income tax at the import stage, customs duties, excise duties etc, on a regular basis.
“The leather industry (tanners) mostly depends on imported machines, imported chemicals and spare parts to produce best quality value-added leather as per the foreign customers’ demands,” Musaddiq said.
The Pakistan Tanners Association chairman said the members had already paid more income tax than their liability, as million of rupees on account of income tax refund claims after adjusting their annual tax liability are still lying with the Income Tax Collectorates.
The export of tanned leather / finished leather for the period of July-June (2013/14) was $551 million of the total export proceeds of leather sector, he added.

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