News Column

FPCCI President for immediate constitution of commission, anomalies committee

July 10, 2014

,,, President FPCCI Zakaria Usman has called for immediate constitution of the Government Commission and Anomaly Committee for quick redressal of the anomalies in the federal annual budget FY 14 identified by trade bodies especially Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

In a statement here on Wednesday, FPCCI Chief said the business community has been facing many difficulties due to, what he said, some harsh and irritating provisions of the Finance Bill. The removal of the anomalies will bring a positive impact on the national economy.

He said the new concept of 'alternative corporate tax' is very challenging for implementation. It will lead to complications between the tax-payers and the collectors. A recent World Bank global report titled 'Paying Taxes 2014' indicates that the current work load of tax compliances requires 577 hours in Pakistan, which will be further increased, he mentioned.

Zakaria Usman also appreciated that import of textile related machinery is exempted from duties. However, he urged that the current exemption in duties available on those plants and machinery not manufactured locally should not be withdrawn.

President FPCCI said that 5 percent tax levied on bonus shares should be removed from the statute because the bonus is derived from the retained earnings of the company which have already been taxed. This tax will tantamount to double taxation.

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Source: Frontier Star (Pakistan)

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