Sialkot, June 21, 2021 (PPI-OT): Mr. Khurram Aslam, Senior Vice President, Sialkot Chamber of Commerce and Industry, in a press statement, showed serious concern on levy of 5% Withholding Sales Tax on Export Companies against purchases from unregistered persons and demanded its immediate withdrawal by the Government.

He informed that Sialkot Chamber of Commerce and Industry and All Trade Bodies of Sialkot have been demanding its abolition for the last two years but despite all assurances, no amendment has been proposed in the Finance Bill 2021. He said that implementation of 5% Withholding Sales Tax on Export Companies will seriously hurt small and medium sized export businesses and emphasized to exempt Export Companies by incorporating necessary amendment in Serial # 4 of the Eleventh Schedule to the Sales Tax Act, 1990.

The Senior Vice President also showed concern on delegation of unwarranted authority to the Inland Revenue Authorities through amendment in Section 203-A of the Income Tax Ordinance, 2001 and exorbitant increase in penalties through amendment in Section 156 of the Custom Act, 1969. He said that such measures would result in negative impact on the businesses.

The Senior Vice President appealed the Prime Minister of Pakistan, Mr. Imran Khan, Federal Minister for Finance, Mr. Shaukat Fayaz Ahmed Tarin and Prime Minister’s Advisor on Commerce and Investment, Mr. Abdul Razzak Dawood, to accept genuine demands of the business community and incorporate necessary amendments in the relevant laws through Finance Act, 2021. Moreover, he appealed that Sialkot Chamber of Commerce and Industry be given due representation in the Budget Anomaly Committee constituted by the Federal Government.

For more information, contact:
Sialkot Chamber of Commerce and Industry (SCCI)
Shahrah-e-Aiwan-e-Sanat-o-Tijarat, Sialkot – 51310, Pakistan
Phone: +92-52-4261881-3
Fax: +92-52-4268835, +92-52-4267919
E-mail: sialkot@scci.com.pk
Website: http://www.scci.com.pk