PCDMA demands fixed tax regime

KARACHI: Pakistan Chemicals and Dyes Merchants Association (PCDMA) on Friday urged the government to restore fixed tax regime (FTR) and SRO 1125 in the best economic interest of the country so that trade and industry could be saved from complete destruction due to ongoing COVID-19 pandemic.

“The business of commercial importers has been ruined as a result of coronavirus lockdown and the severe economic crisis that followed,” said Amin Yousuf Balgamwala, chairman PCDMA, in a written communication to Prime Minister.

Balgamwala, in the letter, the copy of which is available with the News said, due to closure of industries and markets, the capital of commercial importers was stuck and now the situation had worsened to a stage, where commercial importers did not even have the funds to revive the import of raw material.

He urged the Prime Minister to abolish the CNIC condition on sale of goods to unregistered persons and said that if immediate relief was not given to commercial importers, they would be forced to close their business. In addition to reinstating SRO 1125, chairman PCDMA also demanded the restoration of FTR, which is the only way to save trade and industry from collapse.