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.
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.
Industry divided over cabinet’s decision to continue ban on Indian imports
Business
April 2, 2021
KARACHI: Businessmen and traders have shown mixed response to the cabinet’s rejection to the government proposal of cotton and sugar imports from India.
Pakistan Yarn Merchants Association rejected the cabinet decision for not importing cotton from India.
The association representatives Hanif Lakhany and Farhan Ashrafi said the Economic Coordination Committee (ECC) of the cabinet allowed the import while the cabinet rejected it, which is not understandable.
The government should play serious role in economic issues, they said. The government should take efforts to provide raw material to the industry. If raw material is not available to the industry on economical rates, meeting the export orders would become difficult, they added.
Yarn manufacturers seek implementation of lower power tariff
Official says over one month has passed since government announced subsidy
It was proposed that 5% regulatory duty may be removed on cotton yarn till June 30, 2021, by the time the situation of cotton would be reviewed again. PHOTO: REUTERS
Yarn manufacturers have requested the federal government to implement the schedule of reduction in electricity tariff, which it had announced for the export-oriented sector.
In a statement on Saturday, Pakistan Yarn Merchants Association (PYMA) Senior Vice Chairman Muhammad Hanif Lakhany said that the government should direct the electricity distribution companies to follow the notification immediately.