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November 26, 2020

FPCCI wants inclusion of all raw materials in SRO

Business

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APP
November 26, 2020

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar said on Wednesday that the amendments cover limited industrial raw materials for inclusion in the 12th Schedule through SRO 1240(1)/2020 dated November 20, 2020.

Talking to the media, he explained that Federal Board of Revenue (FBR) had allowed a list of industrial raw materials for benefits under 12th Schedule. However, the anomalies committee of FBR declared very few raw materials not to be included in the finished goods and allowed to pay two percent income tax instead of 5.5 percent.

“This, of course, resolves an important issue of commercial importers but there is still a long list of raw materials to be considered the same way,” he observed.

Nisar mentioned that the FPCCI had since long been emphasising for the removal of duties/taxes on the industrial raw materials.

However, the SRO covered limited items that do not support the industry, while there was an exhaustive list of industrial raw materials already contained in rescinded SRO 1125(1)/2011 dated December 31, 2011.

“In order to further facilitate the industry there is an immediate need to revise the list of industrial raw materials as per SRO 1240(1)/2020,” he maintained.

The FPCCI president strongly recommended addressing the grievances of the industry at the earliest and resolving the issues being faced by the industry through amendments and inclusion of all raw materials in the said SRO.