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July 23, 2019

KCCI lauds exemption of WHT

Business

July 23, 2019

Ag APP

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has appreciated the Federal Board of Revenue (FBR) for holding meetings with KCCI and taking into consideration its suggestion pertaining to exemption of withholding tax to yarn traders, as they were overburdened with additional taxes.

KCCI President Junaid Esmail Makda, in a statement on Monday pointed out that under Section 45A of Part IV of the Income Tax Ordinance about Exemption from Specific Provisions, the sales, supplies and services made by traders of yarn to taxpayers from textile and articles, carpets, leather and articles including artificial leather footwear, surgical goods and sportswear sector would not be subjected to deduction of withholding tax. He said such traders of yarn should pay 0.1 percent minimum tax on their annual turnover on monthly basis on the 30th day of each month, while the monthly withholding tax statement should be e-filed under the provision of section 165 of the Income Tax Ordinance, which was widely being demanded by relevant stakeholders.

He hoped that misinterpretation and incorrect application of Section 113 of Income Tax Ordinance which was against the spirit of SRO 333 (I) 2011 would not be repeated again. He also expressed hope that the FBR would continue to take more steps which were needed to provide a level playing field and make Pakistani goods competitive.

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