Auto parts body demands release of tax refunds
Cautions govt if payments are held back, tractor parts makers will face trouble
In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE
LAHORE:
The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has urged the Federal Board of Revenue (FBR) to clear around Rs5 billion worth of sales tax refunds of the tractor industry immediately as non-disbursement of refunds may cause a delay in payments to the vending industry.
In a joint statement, Paapam Chairman Abdul Rehman Aizaz, Senior Vice Chairman Abdur Razzaq Gauhar and Vice-chairman Irfan Qureshi pointed out that the tractor industry was facing severe liquidity crunch, as Millat Tractor’s overdue sales tax refunds were worth about Rs3.5 billion while Rs1.4 billion of Al-Ghazi Tractors had been outstanding for the last one and a half year.
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Trade deficit can be restrained via ‘import deletion’ under PPP DNA
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the government to give the export industry status to the local vending industry, which is fully capable of bridging the huge gap of ever-rising trade deficit not only through enhancing exports but also controlling unbridled imports through ‘import deletion’ of industrial replacement parts.
In a letter, written to the Federal Minister for Industries and Production Hammad Azhar, the association has asked the government that there is a huge possibility of ‘import deletion’ of industrial replacement parts, in addition to the automotive parts, through public-private partnership (PPP). “Through ‘import deletion’ we can minimize our dependence on imported goods by using reverse engineering technology in Pakistan under public-private partnership in line with the Chinese model, preventing t
Ban on tractor parts import urged
Business
February 14, 2021
LAHORE: The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has stressed the need to restrict the import of those parts, which are being manufactured in the country, a statement said on Saturday.
PAAPAM Senior Vice Chairman Abdur Razzaq Gauhar said that under-invoicing and the low valuation of imports have been hitting the industry hard, it added.
The low valuation of tractor parts imports has adversely affected sales tax, withholding tax, Customs duty, and federal excise duty and the major reason for less revenue collection is the absence of a foolproof mechanism for accurate assessment of duties and taxes at the import stage.
Level playing field sought for makers of tractor parts
PAAPAM says low valuation of imports has affected manufacturers
LAHORE:
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has stressed the need for providing a level-playing field to the tractors’ auto parts manufacturers. It has called for restricting import of parts which are being manufactured in the country, as under-invoicing and low valuation of imports have been hitting the industry hard.
In a statement issued on Saturday, PAAPAM Senior Vice Chairman Abdur Razzaq Gauhar invited the attention of the Federal Board Revenue (FBR) cChairman towards this issue.
He said undervaluation of imports by the customs authorities are turning the country into a trading hub by favouring commercial importers on one hand but on the other hand, it is affecting collection of federal taxes at the import stage.