Govt's Decision For Putting Ghee/Steel Industry In Negative List In FATA/PATA For Tax Relief Welcomed

Islamabad Chamber of Commerce and Industry has welcomed the federal government's decision for putting Ghee and Steel Industry in Negative list in Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA) for giving them tax relief

ISLAMABAD, (UrduPoint / Pakistan Point News - 17th Jun, 2019 ) :Islamabad Chamber of Commerce and Industry has welcomed the Federal government's decision for putting Ghee and Steel Industry in Negative list in Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA) for giving them tax relief.

Ahmed Hasan Moughal, President Islamabad Chamber of Commerce and Industry said the incentives were causing huge loss to FBR in taxes as steel and ghee industries were shifting from tax area to non-tax area and there was an un-healthier competition in the market, said a press release.

He further said labor was shifting from Punjab to Khyber Pakhtunkhwa and federal taxes on steel had reduced by 50% due to shift of steel units from all parts of the country to FATA/PATA which was an alarming situation.

He said the sales tax exemption to FATA/ PATA was creating revenue problem to FBR as this tax was a consumer tax and buyer had to pay it.

Rafat Farid, Senior Vice President and Iftikahr Anwar Sethi said income tax exemption and duty free import of plant and machinery was a good incentive for FATA/ PATA as the same was enjoyed by All Economic Zones in the county.

They said tax exemption on income was enough incentive for investors to make investments in FATA/ PATA.