‘Review budget anomalies’
July 14, 2021
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI) and Pakistan Yarn Merchants Association (PYMA) have jointly condemned decisions of Senate Budget Anomalies Committee and asked for a new review.
The chambers and association decided to make joint efforts to eliminate budget anomalies in federal budget 2021-22, and condemned the self-imposed decisions of the Senate Budget Anomalies Committee, a statement said on Tuesday. In this regard, the FPCCI and KCCI attended a meeting at the PYMA office.
Expressing strong reservations, FPCCI President Nasser Hyatt Maggo said the decisions of the committee were not acceptable to the business community, who were not taken into confidence on the matter.
PYMA urges govt to resolve issues of duties on yarn, fibre
dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
PYMA asks to extend ST deadline
Business
May 5, 2021
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Pakistan Yarn Merchants Association (PYMA) have asked the Federal Board of Revenue (FBR) chairman to extend the deadline for filing sales tax returns till May 31, 2021, a statement said on Tuesday.
They also requested the federal government to reduce the extended Eid holidays in the best economic interest of the country.
Hanif Lakhany, vice president of FPCCI and senior vice chairman of the PYMA and Farhan Ashrafi, vice chairman of PYMA and convener FPCCI’s Central Standing Committee on Yarn Trading, sought the attention of the FBR chairman, and said that due to the extended Eid-ul-Fitr holidays, the date for filing sales tax returns should be extended as it is coming up during the Eid holidays, resulting in inability of the business community to file their monthly sales tax returns.
Traders call for importing cotton from India
Demand incentives until country achieves cotton production target
KARACHI:
Keeping in view the government’s approval of duty-free import of cotton yarn, exporters have demanded that the leadership open imports from India.
They have also requested the government to extend incentives until the country achieves its yearly cotton production target.
The Economic Coordination Committee (ECC) of the cabinet on Wednesday withdrew customs duty on the import of cotton yarn till June 30, 2021.
In a statement on Thursday, Pakistan Yarn Merchants Association (PYMA) Senior Vice Chairman Hanif Lakhany called for the abolition of additional customs duty and regulatory duty on synthetic yarn to counter the impact of Covid-19 pandemic and steer production activities.
Daily Times
April 6, 2021
The Pakistan Yarn Merchants Association (PYMA) has demanded the Federal Board of Revenue (FBR) to withdraw 1.5 turnover tax imposed on yarn traders and restore the previous rate of 0.1 percent.
In a letter to FBR chairman on Monday, Farhan Ashrafi, PYMA Vice Chairman and Convener FPCCI’s Central Standing Committee on Yarn Trading, said that present turnover tax rate for yarn traders is very high and many traders may resort to close their factories at this high rate, as businesses are already badly affected by the coronavirus pandemic and are facing severe financial crunch.
Ashrafi said that by virtue of SRO 333 (I) 2001, dated 02.05.2011, the traders of yarn had been subject to turnover tax at concessional rate 0.1 percent, which constituted about 10pc of their margin. Provision of rate of minimum tax 0.1 percent was made under clause 45 (A) second schedule to the income tax ordinance 2001.
vimarsana © 2020. All Rights Reserved.