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Pak yarn merchants oppose increase in withholding tax

As clarified by the Federal Board of Revenue (FBR), Pakistan Yarn Merchants Association (Sind & Baluchistan Zone) has opposed increasing of the withholding tax from 1 per cent to 4 per cent saying that the decision is ‘not acceptable at any cost’, and the move would prove highly disastrous.

Collection of advance income tax on the total amount of every receipt would raise the cost manifold, as local manufacturers, spinning units and commercial importers of yarn worked at low margins due to large volume. Deduction of advance tax on value of receipt would worsen the liquidity crunch for the industry because refunds are issued after long delays.

 
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