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Dyes merchants demand refunds

Business

December 4, 2020

KARACHI: Pakistan Chemicals and Dyes Merchants’ Association (PCDMA) has expressed concern over non-implementation of SRO 1240(I) 2020 issued by the Federal Board of Revenue (FBR) for incorporation of chemicals and dyes raw materials in Part-2, a statement said on Thursday.

PCDMA Chairman Mirza Nadeem Baig demanded from the Customs authorities to issue the schedule as soon as possible so that the pay orders submitted under section 81 can be refunded to the commercial importers, it added.

The FBR had issued SRO under which the previous 2 percent income tax rate was restored for commercial importers instead of 5.5 percent income tax.

However, due to non-implementation of SRO and non-issuance of the refund schedule, the capital of commercial importers is stuck in the form of pay orders and they are facing severe financial difficulties, he added.

Baig said that non-issuance of schedule is a matter of concern among commercial importers, as it is not stated how the pay orders will be refunded?