KARACHI: Tractor manufacturers have urged the Federal Board of Revenue (FBR) to eliminate general sales tax (GST) at import stage.
“This will in turn give a sigh of relief to the local tractor industry,” said Mohammad Shahid Hussain, chief executive officer of Al-Ghazi Tractors Ltd, in a statement.
“The industry has been proposing for years to abolish GST at import stage on CKD components imported by the tractor OEMs for local assembly of tractors, as there is no point in paying sales tax directly to the government in a given month and subsequently claim refund in the following month,” Shahid said.
Currently, output sales tax is chargeable on supply of tractors at the rate of five percent as against 17 percent payable as input tax while purchasing components, local, as well as imported.
Shahid said sales tax refunds are not being released in a timely manner, ie, three days from the claim sanctioned, instead of due refunds are released in tranches with delay of various months.
The headquarters of the Sui Southern Gas Company . — APP FileKARACHI: Sui Southern Gas Company has launched a fresh...
The logo of the ExpoMed Eurasia. — CA MI websiteKARACHI: Pakistan is participating in ExpoMed Eurasia, a leading...
Gold bars are seen in this undated file photo. — AFP/FileKARACHI: Gold prices increased by Rs500 per tola on...
FFBL Head Office building can be seen in Islamabad. — FFBL WebsiteKARACHI: Fauji Fertilizer Bin Qasim Limited has...
Representational file of an MBW car. — AFP FileLAHORE: Small improvements in economic credentials of the country are...
The logo of the Oil and Gas Regulatory Authority . — Ogra websiteKARACHI: After Pakistan’s oil refineries,...