Finance

Yarn merchants urge FBR to stop Harassment over turnover tax

Karachi, April 26, 2019: Muhammad Saqib Goodluck, Chairman Pakistan Yarn Merchants Association (S & B Zone) has strongly voiced protest over the issuance of Notices to Cotton Yarn Trades & act of Harassment & Demand for its withdrawal & issuance of Clarification over SRO – 333/2011 from Federal Board of Revenue.

Muhammad Saqib Goodluck has appealed to Chairman Federal Board of Revenue that in SRO – 333, issued in 2011, it was clearly said that Annual Turn – over Tax from Yarn Traders will be 0.1 percent but Inland Revenue Department of FBR is charging @ 1 percent & Notices issued to more than 60 percent Traders in which payment of Annual Turn – over Tax @ 1 percent has been demanded.

He said that when 0.1 percent Annual Turn – Over Tax is mentioned in SRO – 333/2011, then why the Inland Revenue Department is continuously spreading harassment to Traders of Cotton Yarn Traders? He further demanded that FBR must clear ambiguity in SRO – 333 & section 113 & issue clarification & stop harassment to Cotton Yarn Traders.

Chairman, PYMA (Sindh & Baluchistan Zone) while making reference over the meeting of PYMA’s delegation with Ateeq Sarwar, member Inland Revenue Policy – FBR said that member IR policy – FBR has accepted the plea from PYMA & termed receiving of Annual Turn – Over Tax @ 1 percent instead of 0.1 percent is unjustified. Member, IR – Policy while meeting a delegation of Karachi Chamber of Commerce & Industry said that clarification over SRO – 333/2011 will be included in up-coming Budget.

M. Saqib Goodluck demanded that until issuance of clarification over SRO – 333/2011, all notices issued to Cotton Yarn Traders must be withdrawn immediately & acts of harassment to Traders should be stopped.

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