Page 28 - April-May-2020

28 8500_2018.qxp_TexTalks_Titel 10.10.18 17:46 Seite 1
Textile, leather articles sales: FBR Ready for your

starts receiving live transactions future success

Live transactions of finished article sales of leather As specified in rule 150ZEB of Sales Tax Rules 2006
and textiles are being received by the FBR and the the FBR’s system is now ready to receive live sales
eligible persons integrating or having already transactions. The software can be downloaded by
integrated their systems with the FBR can now avail eligible registered persons and can integrate all their THINKING AHEAD
of reduced rate of 6 per cent on their sales as already declared outlets with FBR''s system. This is to FOR SUSTAINABLE SOLUTIONS
announced by the federal government. be done by 3rd March 2019, in order to regularize the
reduced rate already availed. In case of failure
Effective from 1st July last year, the federal differential amount shall be recoverable.
government has notified a reduced rate of six pc for
finished textile and leather articles for those The persons volunteering to integrate their systems
registered persons who are online with FBR''s for availing reduced rate on future supplies and who
computerized system. This system was made fulfil conditions in rules can approach respective
operational by issuing SRO 1360(I). As many as 75 Commissioners for approval in this respect. Websites
registered persons are now integrated with FBR hosted with a registered domain name have also
and declaring sales of their 2574 outlets through been recognized to be treated as sales made
this system. through Point of Sale (POS).

%$&( )#&($&(!#

FCCI seeks abolition ( '$ ) ' ) ( ) ( & !(#) %!)
(! $($&" ) '( '$ ) (#&)
'$'# '$ )!(# "&#
of duty on cotton yarn () '"& '$) "'& ) %$&!%")'#) " #)
'#' "() '& ) "'&( ) ) ) %$&!%" )
$ ) '& ) ( )%$) % !)
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The regulatory duty on polyester and cotton yarn per unit. He expressed optimism that as per the &%)'$ %! ) % ) !& (! % &'%$
must be withdrawn in the upcoming budget to government’s pledge, the issue of outstanding tax
strengthen the domestic manufacturing units, urged refund claims, amounting to Rs250 billion, would be
Faisalabad Chamber of Commerce and Industry resolved by February 15. Al Ameen Trading Co. (PVT) Ltd.
(FCCI) President Syed Zia Alumdar Hussain. Korangi Industrial Area
Hussain lamented that cotton production had Plot No. 28, Sector. 19
Recalling the visit of Finance Minister Asad Umar to dropped by 400,000 bales. To make up for the 75730 Karachi
Faisalabad, Mr Hussain pointed out that the shortfall, the government has withdrawn the duty on Phone: 0092-21-5070635 - 37
minister had assured him of numerous corrective cotton import. “However, the duty on cotton yarn Fax: 0092-21-5055625
measures, which would be undertaken gradually, in and polyester still haunts the manufacturers alame@cyber.net.pk
order to step up dwindling exports of the country. including the power looms.” He noted that
businessmen had been assured of swift resolution
Appreciating the measures introduced by the of the issues confronted by the manufacturing
government, the FCCI president welcomed the sector. However, he regretted, a powerful mafia was A. Monforts Textilmaschinen GmbH & Co. KG
restoration of advance payment facility and hatching a conspiracy to get regulatory duty Germany | A member of CHTC Fong’s Group
provision of gas at 6.5 cents per million British imposed for vested interests in order to sell locally
thermal units (mmbtu) and electricity at 7.5 cents made polyester yarn at higher rates. www.monforts.com

April/May 2020