PCDMA Seeks FPCCI Help For Resolution Of Issues

A delegation of Pakistan Chemicals and Dyes Merchants Association (PCDMA) called on newly elected President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Nasser Hyatt Maggo here

KARACHI, (UrduPoint / Pakistan Point News - 6th Jan, 2021 ):A delegation of Pakistan Chemicals and Dyes Merchants Association (PCDMA) called on newly elected President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Nasser Hyatt Maggo here.

They discussed various issues facing by the business community particularly by chemicals and dyes sector, and sought FPCCI intervention for their resolution, said a FPCCI press release issued on Wednesday.

Led by Mirza Nadeem Baig, the delegation pointed out many issues facing the potential sector chemicals and dyses including the classification of certain goods in part-III of 12th schedule of the Income Tax Ordinance- 2001. Whereas, the importers claimed the goods to be covered under part-I or part-II of this schedule, it added.

It claimed that initially Federal Board of Revenue allowed all such disputed consignments securing difference of taxes in the form of pay order or bank guarantee till the importers provided documentary evidence to FBR that the claim rate had been allowed during the last financial year on the same goods.

The list of such raw materials was available in the then rescinded SRO 1125(i)/2011 which was accepted by the FBR to grant such exemptions.

In the meanwhile, a list of industrial raw material approved by the board without taking into account the consideration of the trade to the effect that a detailed list of raw materials was already provided in the then rescinded SRO 1125(I)/2011.

A detailed representation of the issue had already been made by the FPCCI vide letters dated 25-11-2020 and 26-11-2020 showing concern on encashment of pay order / bank guarantee by the FBR already deposited by the importers in this respect. However, the issue was not resolved by the FBR till to date.

FPCCI President Mian Nasser Hyatt Maggo assured his full support in removing the hardship of the industry and would discuss the matter with the relevant departments.

The meeting also suggested FPCCI consider the formation of committees for resolving the issues of income tax, sales tax, and Customs duty. It suggested the formation of an Arbitration Committee for resolving business community's mutual conflicts.

The meeting was attended by FPCCI Vice Presidents Athar Sultan Chawla and Nasir Khan, and PCDMA delegation members Hamza Asif, Asif Riaz Magoo, Nasir Riaz, Nasir Fateh, M. Arif Balgamwala, Mubbashir Umer, Abdul Hafeez, Muhammad Sadiq, Nadeem Aftab, M. Arif Lakhani, Salim Muhammad, Farid Ahmed, Altaf Ghaffar, Muhammad Naseer, Tariq Magoon and Shaukat Hussain.

PCDMA delegation also congratulated Mian Nasir Hayatt Maggo and other office bearers on their victory.