Taxing issues: SCCI expresses concern
The Sialkot Chamber of Commerce and Industry (SCCI) has expressed grave concern over reports that the Federal Board of Revenue (FBR) was planning to eliminate zero-rated sales tax on gas and electricity bills of country’s major export sectors.
SCCI President Fazal Jillani said the step taken would further add to the troubles of the export industry. He said 5% increase in utilities would add to the cost of production, and consequently make exports uncompetitive.
While expressing his apprehensions, SCCI President Fazal Jillani said that Prime Minister Nawaz Sharif had set a target for manifold growth in exports by providing maximum facilities and export-related incentives. “But, on the other hand, proposals are being considered to put extra burden on us,” he added.
SCCI urged the government not to accept such proposals and retain the zero-rated status of five export sectors.