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  • Move to legalize cryptocurrency trading in Pakistan

    Move to legalize cryptocurrency trading in Pakistan

    KARACHI: Pakistan apex trade body has moved a proposals to authorities to legalize cryptocurrencies in the country.

    In this regard, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended changes in tax laws to bring cryptocurrencies under tax net

    The FPCCI recommended capital gain tax (CGT) at 15 per on income derived from disposal of cryptocurrencies.

    READ MORE: FPCCI suggests amnesty for cryptocurrency declaration

    It further suggested that Pakistan must develop a regulatory framework and national cryptcurrency strategy.

    “Cryptocurrencies should be defined among securities under Section 37A of Income Tax Ordinance, 2001 under which assets are charged at the rate of 15 per cent.” The Section 37A of the Ordinance deals with the collection of capital gain tax on disposal of securities.

    The apex trade body also recommended imposition of withholding tax at the rate of one per cent, which should be adjustable, on transactions of cryptocurrencies.

    READ MORE: FPCCI protests over advisory council formation

    The FPCCI suggested a one-time asset declaration scheme must be launched. The scheme should include encashment of cryptocurrencies in Pakistan and converting the foreign exchange into the Pak Rupee may be allowed with no tax.

    Further, it may be made mandatory the encashment of cryptocurrencies in Pakistan and held as deposit in foreign exchange accounts in Pakistan should be allowed with a rate of tax at five per cent.

    The FPCCI further suggested related to the scheme that the encashment of cryptocurrencies in Pakistan and held as deposits in Roshan Digital Accounts should be allowed with 10 per cent tax for non-resident Pakistani nationals / dual nationals. “Holding of cryptocurrencies as an asset may be allowed to be declared on payment of 15 per cent tax,” it recommended.

    READ MORE: FPCCI demands reducing income tax slabs to five

    Giving the proposal to bring virtual currency under the tax net, the FPCCI said investment in cryptocurrencies started with speculative gaming but in recent years it had grown into humongous size. These assets which reside in digital clouds, need to be landed safely into the economic mainstream.

    “The total trading value of Pakistani investors touched $20 billion in 2020-21 and the country ranked third in the Global Crypto Adoption Index,” the FPCCI said.

    The apex trade body pointed out that recently the finance minister of India in her budget speech 2022 proposed to tax crypto-assets by 30 per cent on profits that occurred through transactions and 1 per cent TDS on every transaction of cryptocurrencies.

    READ MORE: Cryptocurrency, best performing assets in Pakistan

    Giving rationale to the proposal, the FPCCI said that virtual assets in countries like India, Thailand, Malaysia, UAE and many other countries are covered under tax laws which allow them to generate an additional revenue stream. “Coverage of these assets under the income tax regime in Pakistan will also help mobilize additional tax revenues,” it added.

  • KCCI appeals rescuing small traders in Catch-22 situation

    KCCI appeals rescuing small traders in Catch-22 situation

    Karachi Chamber of Commerce and Industry (KCCI) on Saturday declared Catch-22 situation and urged the government to rescue small traders from its fallout.

    Chairman Businessmen Group Zubair Motiwala and President KCCI Muhammad Idrees, while referring to upsurge in petroleum prices by Rs60 within a week along with exorbitant hike of Rs7.91 in electricity base tariff and 44 percent increase in SSGC’s gas tariff by OGRA, stated that a catch-22 situation has been created not only for the industries but also for all segments of society particularly the poor masses and small traders/ shopkeepers who simply cannot bear the burnt and were extremely worried over across-the-board inflation triggered by the rising petroleum prices, gas and electricity tariffs.

    READ MORE: Energy price hike jolts trade, industry: Businessmen Panel

    In a joint statement, Chairman BMG and President KCCI said that it was really unfortunate that the issues being confronted by small traders, who are an integral part of the economy, were not in government’s priority list and it appears that they have been left alone during the ongoing difficult times.

    Zubair Motiwala appealed the government to come forward to rescue the small traders and shopkeepers by devising some kind of an effective mechanism to protect their interest and announce a special relief package for small traders/ shopkeepers which could reduce their cost and ensures that they survive in this era of inflation.

    READ MORE: Govt. halts gas supply to export industry: APTMA

    He said that the inflation has badly gripped the entire society as prices of almost all the household items have skyrocketed making them unaffordable for majority of the public while those people, who were somehow able to afford, have also become very cautious that has brought down the shopkeepers’ sales to somewhere around 20 to 30 percent.

    “In this scenario, how a small trader or a shopkeeper will be able to survive and overcome some inevitable expenditures including gas and electricity bills, shop rent and wages to his workers etc.,” he asked.

    “It is undoubtedly a dire situation not only for the poor segment of society but also for the lower middle class and even the middle-class families who have been silently going through hunger and starvation as they, being white-collar and educated individual, cannot complain or beg for help from anyone,” Chairman BMG said, “Inflation genie has to contained at any cost otherwise, it will kill the common man.”

    READ MORE: SITE industrialists reject increase in power tariff, POL prices

    He further stated that in addition to severe devaluation of rupee against dollar, rising electricity tariff and petroleum prices, it was also a matter of grave concerns that OGRA okayed a whopping increase of 44 percent in gas tariff for SSGC which would prove to be the last straw on camel’s back as it would result in closure of thousands of industrial units, trigger massive unemployment and give a boost to smuggling through misuse of Afghan Transit Trade and other illegal channels. “In this scenario, the economy will stay in hot waters, crises would worsen further and the situation may lead to setting off serious anarchy all over the country”, he cautioned.

    He said that when the exports have picked up pace and recorded an increase of 26 percent while the manufacturing sector has also witnessed an upsurge of 39 percent, the anti-business moves including raising the interest rates, increasing petroleum prices, electricity tariff and now appreciating the gas tariff have been taken which would withhold the progress of Pakistan and shut down many industrial units who would surely face bankruptcy. 

    READ MORE: Yarn merchants for reducing utility prices to save industry

    Muhammad Idrees said the production activities of the manufacturing sector supplying goods at the local markets have also gone down due to rising cost of doing business and the subsequent increase in the cost of finished goods. “Why would a manufacturing unit keep on producing goods at same pace and capacity when the local markets have become almost stagnant”, he said, adding that it was a very alarming situation which would raise the unemployment all over the country as many people would lose jobs due to limited production activities and closure of hundreds of industrial units which cannot bear the all-time high cost of doing business.

    As after increasing the petroleum prices and electricity tariff, the IMF’s demands have mostly been fulfilled hence, President KCCI urged the government to take notice of the situation and take steps for providing relief to the industries, shopkeepers and the poor masses otherwise things are going to get really difficult.

  • Energy price hike jolts trade, industry: Businessmen Panel

    Energy price hike jolts trade, industry: Businessmen Panel

    KARACHI: The massive hike in prices of petroleum products and electricity tariff has jolted the trade and industry as high cost would hamper economic activities.

    In a statement on Saturday Mian Anjum Nisar, Chairman of the Businessmen Panel, said that Pakistan’s industry had been harmed by the high cost of doing business, which discouraged investment in capacity and capability and called for easing the burden of heavy taxes on the power sector.

    As the oil prices have been increased by another Rs30/liter and power tariff has gone up by Rs7.9/unit the Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce & Industry has stated that the government has dropped a fuel bomb on the businessmen after it suffered an electric shock to meet the conditions of IMF for the revival of the stalled loan program- a recipe to shake the trade and industry.

    READ MORE: Govt. halts gas supply to export industry: APTMA

    The Businessmen Panel (BMP) chairman and FPCCI former president said that the decision would prove detrimental to the industries due to high cost of doing business and will also open the floodgates of inflation. In addition to making the electricity bills costlier and unaffordable for the consumers, the hike in base tariff would escalate prices of all household goods being widely used in every household, he added.

    The FPCCI former president termed the increase in base tariff unlawful and a violation of NEPRA’s own rules and regulations, as any increase in tariff has to be determined and implemented only after holding public hearings but unfortunately they have solely decided to raise the tariff without holding public hearings, he argued.

    It is to be noted the government has decided to raise the prices of all petroleum products, just a week after making a similar increase – hours after the National Electric Power Regulatory Authority approved a massive increase of Rs7.91 per unit in the power tariff. Now petrol is available at Rs209.86 per litre, high-speed diesel (HSD) at Rs204.15, kerosene oil at Rs181.94 and light diesel oil at Rs178.31.

    With the new hike in the power tariff, the price of a unit is expected to move upwards from Rs16.91 to Rs24.82.

    READ MORE: SITE industrialists reject increase in power tariff, POL prices

    Despite an inevitable increase in the prices that will unleash a strong wave of inflation, the coalition government remains short of clinching a deal with the International Monetary Fund that still requires an agreement on the budget for fiscal year 2022-23.

    On the other hand the NEPRA has increased the electricity rates mainly on account of fuel prices, capacity cost payments and the impact of rupee devaluation against the US dollar.

    The base tariff has gone up to Rs24.82/kWh — higher by Rs.7.9078/kWh than the earlier determined national average tariff of Rs16.91/kWh — determined by the power regulator for the ongoing financial year.

    This is the highest average tariff rate for power consumers.

    He condemned the National Electric Power Regulatory Authority’s decision to increase electricity tariffs, stating that the burden of power theft, mismanagement, and inefficiencies cannot be shifted to consumers on the pretext of fuel adjustment.

    Anjum Nisar stated that the constant increase in power tariffs on the pretext of fuel adjustment had increased electricity prices and added to the already high cost of trade and industry. Seeking comparable energy tariffs for domestic industries in order to capture the global market, he stated that due to high electricity rates, power theft became rampant as the tariff was unaffordable to consumers.

    He urged the power ministry to identify system constraints and communicate targets to all concerned departments in order to launch a wartime effort to upgrade the transmission system.

    READ MORE: Yarn merchants for reducing utility prices to save industry

    He urged the completion of all ongoing power projects well ahead of schedule. He stated that business-friendly policies must be adopted, similar to those adopted by other neighboring countries in the region.

    He suggested that the amount specified in trade policy be used to promote exports by providing incentives to trade and industry and by exploring new markets. According to the BMP Chairman, Pakistan’s electricity prices were already on the high side, which was the primary reason for the country’s price hikes. He stated that providing affordable electricity would assist in lowering production costs, thereby benefiting the public. He stated that rising imports and a widening trade deficit posed a serious threat to economic growth and must be addressed urgently.

    READ MORE: KATI demands withdrawal of electricity, petrol price hike

    Mian Anjum Nisar said that the recent increase in fuel and electricity rates will add to the miseries of the businessmen, who are already feeling the heat of runaway inflation. He said that increase in fuel prices and tariff rates would also bring about another flood of inflation in Pakistan as it would increase the cost of doing business in the country.

  • Govt. halts gas supply to export industry: APTMA

    Govt. halts gas supply to export industry: APTMA

    KARACHI: All Pakistan Textile Mills Association (APTMA) on Friday resented the decision of the government to halt gas / LNG supply to the key export industry.

    The APTMA in a statement said textiles is the only sector that continues to grow and bring foreign exchange to the country, gearing up to close at $20 billion in June 2022 compared to $15.4 billion in June 2021. The sector has charted a remarkable performance in the past year.

    READ MORE: APTMA demands continuation of energy tariffs

    However, despite this progress, the gas/RLNG supply to the Punjab textile sector, which was at only 25 per cent of required volumes (50 per cent of August to November actual consumption), was shut down two days prior with the guarantee that supply would be restored on the morning of Friday 3rd June 2022. However, it has now been stated that the gas/RLNG supply will not be restored for an indefinite period.

    The tragedy is that even with a 59 per cent increase of textile exports in May 2022 ($1.69 billion) over May 2021 ($1.06 billion), exports are not being given their due importance. Gas/RLNG is being continuously supplied to non-export industries – ceramics, glassware, steel etc. and not the export sector, against all economic rationale.

    READ MORE: Prolong Eid holidays to adversely affect exports: APTMA

    The government’s decision to halt the supply of gas/RLNG to exporters is highly illogical as it is a critical input to textiles, the single largest contributor to Pakistan’s exports and the mainstay of Pakistan’s economic future. The sector has sizeable investments in state-of-the-art machinery and high efficiency generation, with over USD $5 billion worth of investments for expansion and modernization made in the last 1 ½ years.

    The potential losses thus accruing to the shutdown of gas/RLNG supply are phenomenal. On the contrary, the industry can bring substantial economic benefit from enhanced exports if the stable and consistent supply of gas/RLNG is guaranteed. New plants and expansions completed since November 2021 are still awaiting gas/power supply.

    READ MORE: APTMA condemns lobbying for Indian yarn import

    APTMA strongly urges the government to restore the priority of export industry and to recognize the immense losses and damage to Pakistan’s economic future this will cause.

    A loss in production will lead to a further loss of exports and the need for billions of dollars in additional loans, which are already hard to come by. Due to poor quality grid electricity and non-supply of gas/RLNG, mills are operating at less than 75 per cent capacity, which if continued will incur a loss of $250-400 million in exports each month.

    This has occurred previously and the losses were not and can never be recovered. Furthermore, most mills at present cannot fulfill the energy needs for power or gas/RLNG alone and require both to function. It is important to stress upon the fact that captives’ gas/RLNG usage is not consumptive but economic, that is, it leads to sustained production, with benefits of employment generation and enhanced exports.

    READ MORE: APTMA disapproves Indian cotton import

    The textile sector requires unwavering support to maintain export-led economic growth, so the sustained provision of energy will have long-term benefits for the country at large. Pakistan cannot afford to have an inefficient export-oriented sector, and the gas/RLNG supply and priority must be restored with immediate effect so that exports and economic growth are able to continue on an upward trajectory.

  • SITE industrialists reject increase in power tariff, POL prices

    SITE industrialists reject increase in power tariff, POL prices

    KARACHI: SITE Association of Industry (SAI) on Friday strongly rejected the increase in power tariff and prices of petroleum products announced by the government a day earlier.

    Abdul Rashid, President, Site Association of Industry, Karachi, while expressing deep concern over the recent increase in base tariff of electricity by Rs7.90 per unit, announced by NEPRA, and sharp increase in petroleum prices, saying that these steps should be taken back immediately in the best interest. Otherwise, the dream of development of the country’s economy will never come true.

    READ MORE: Yarn merchants for reducing utility prices to save industry

    SAI President said that the business community would not accept the self-imposed decision of NEPRA as raising base electricity tariff without public hearing is a total violation of laws.

    He termed the sharp rise in petroleum prices after the hike in electricity tariffs as dangerous for the economy, and said that it would not only lead to a storm of inflation but also cause huge losses to the industries as the production cost of the industries is already high. It has grown to an unbearable level, so the government should refrain from taking such measures as putting the survival of the industry at stake.

    READ MORE: KATI demands withdrawal of electricity, petrol price hike

    “The government needs to take steps to promote exports of Pakistani products so that the economy and business can flourish and that is possible only when the cost of doing business is reduced by significantly reducing the prices of electricity, gas, petroleum products and water,” he opined.

    SAI chief added that raising electricity tariffs was not wise but these crises could be overcome only by focusing on increasing energy production and alternative energy projects.

    READ MORE: Pakistan braces for worst food inflation: FPCCI

    Abdul Rashid demanded Prime Minister Shehbaz Sharif to issue notification to abolish 17% sales tax on solar energy as per his promise, also explain the HS code for importing raw materials, and the 30% duty on the import of machinery should be abolished immediately so that the production activities can be promoted without any hindrance.

    READ MORE: APTMA demands continuation of energy tariffs

  • Yarn merchants for reducing utility prices to save industry

    Yarn merchants for reducing utility prices to save industry

    KARACHI: Pakistan Yarn Merchants Association (PYMA) has asked the government to substantially reduce utility prices in order to save industry, especially small and medium enterprises (SMEs).

    In a statement on Friday, Saqib Naseem, Chairman, PYMA, Muhammad Junaid Teli, Vice Chairman, Sind and Balochistan region, have termed the sharp rise in prices of petroleum products by Rs30, excessive power tariff and severe energy crisis as catastrophic for business and industry, and demanded from the government to save industries, especially SMEs, from catastrophe by significantly reduce petroleum prices.

    READ MORE: PYMA rejects customs valuation for filament yarn

    They also requested to reduce utility charges so that trade and industrial activities can be continued without any delay.

    READ MORE: PYMA seeks duty, taxes cut on yarn in budget 2022/2023

    In a statement, PYMA office-bearers said that the business community is worried as the SBP has already raised interest rates by 150 basis points (1.5 per cent) to 13.75 per cent, and along with the energy crisis, a sharp rise in petroleum product prices will now break the back of the business community. Therefore, any move that is detrimental to business and industry should be avoided.

    READ MORE: CGT exemption on private company shares suggested

    Saqib Naseem, Junaid Teli demanded the government to withdraw the recent increase of Rs 30 in petroleum products to facilitate trade and boost trade activities, and take steps to overcome the energy crisis by reducing electricity and gas prices so that business and manufacturing activities can continue unabated.

    READ MORE: KTBA proposes up to 20% capital gain tax on real estate

  • KATI demands withdrawal of electricity, petrol price hike

    KATI demands withdrawal of electricity, petrol price hike

    KARACHI: Korangi Association of Trade and Industry (KATI) on Friday demanded the government of immediate withdrawal the price hike in petroleum products and electricity.

    KATI President Salman Aslam in a statement demanded to immediately withdraw the increase in prices of petroleum products by Rs 30 per liter and electricity by Rs 7.90 per unit.

    READ MORE: KATI expresses concerns over massive rupee fall

    He said that the government dropped petrol bombs on the people for the second time in a week and for the second time increased the price by Rs. 30 per liter which will increase the production cost to a dangerous level.

    President KATI said that OGRA had announced on May 31, 2022 that prices would be maintained the next 15 days which was withdrawn on the second day.

    READ MORE: KATI demands ban on unnecessary imports

    He said that the government did not miss any opportunity to increase inflation on the people, the government on the same day increased the price of petrol by Rs30 while the unit price of electricity was increased by Rs7.90 per unit which is beyond the purchasing power of a common man.

    On the other hand, Moody’s also issued a negative rating to Pakistan and sounded the alarm of economic crisis and bankruptcy.

    President KATI said that the present government was failing to provide relief to the people in the midst of severe economic crisis and was increasing the problems of the common man instead of reducing them. He said that foreign exchange reserves have also reached a three-year low. In such a scenario, the government is failing to formulate a clear policy.

    READ MORE: KATI terms sudden policy rate hike as economic disaster

    Salman Aslam said that in view of the current situation, economic policy needs to be formulated so that the poor could not face economic difficulties in this era of inflation.

    President KATI said that economic instability has put investment at risk while it has become impossible to run industries with the highest cost of production ever.

    President KATI said that it is feared that the unemployment rate in the country will also increase rapidly. The government should immediately take a decision in consultation with the stakeholders to deal with the financial crisis facing the country and announce immediate relief for the low-income group. He said that investment protection and bailout packages for industries should be provided.

    READ MORE: PKR becomes worst currency in region: KATI

  • Pakistan braces for worst food inflation: FPCCI

    Pakistan braces for worst food inflation: FPCCI

    KARACHI: Pakistan is heading towards the worst food inflation amid hike in tariff of electricity and increase in prices of petroleum products, the apex trade body said on Friday.

    READ MORE: FPCCI demands fixed tax regime for retailers

    Suleman Chawla, Acting President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), in a statement on Friday expressed the shock and awe of the entire business, industry and trade community at the unprecedented, one-tranche and massive electricity tariff hike of Rs. 7.91 / kWh; resulting in Rs. 24.82 / kWh base tariff for the year 2022 – 23, while it was Rs. 16.91 / kWh for the outgoing year 2021 – 22.

    It is a rate hike of a staggering 47 percent by NEPRA; and, it will jolt the cost of doing business and ease of doing business indices, he added.

    READ MORE: FPCCI demands CNIC condition withdrawal

    Suleman Chawla explained that the cumulative effect of the fuel and power rate increase my unleash a historical economic stagnation; and, will result in a lot of bankruptcies, inevitable defaults on account of electricity bills, many export orders would not be fulfilled, huge loss of employment opportunities and loss of tax revenue will follow.

    Acting FPCCI Chief added that inflation has already climbed to 13.8 percent, which is a 30-month high; and, with accounting for the latest developments, it is slated to cross 20 percent in a short span of 4 – 8 weeks.

    READ MORE: FBR urged to wave further tax on providing CNIC number

    Chawla apprised that the collective price spirals through combined multiplier effects of fuel and power prices will affect the masses the worst through food inflation; who will be further hit by impending unemployment. Hence, the government should come up with a protective mechanism for SMEs in consultation with the apex chamber; as SMEs are the real engines of growth and employment generation.

    Dissecting the main contributing factors in the power tariff hike, he enlisted rising fuel prices, capacity costs & challenges, transmission & dispatch (T&D) losses and rupee devaluation – which all can be dealt with better management and planning.

    READ MORE: Tax exemption sought for plant, machinery import

  • FPCCI demands fixed tax regime for retailers

    FPCCI demands fixed tax regime for retailers

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the government of a fixed tax regime for retailers.

    In a statement the FPCCI reminded the finance minister on his promised position to introduce simplified taxation regime on fixed rate basis for the category of the retailers other than the tier-1 retailers, as is specified for the conditions.

    READ MORE: FPCCI demands CNIC condition withdrawal

    Suleman Chawla, Acting President FPCCI & Engr. M. A. Jabbar, Vice President of FPCCI, who has attended the meeting with the finance minister regarding budgetary proposals, had also discussed the imperative need of broadening the tax net through bringing in the documentation for retailers; other than the tier-1; by providing simplified taxation regime on a fixed tax rate basis.

    Suleman Chawla, while appreciating the finance minister on the due and required offer of introducing the fixed tax regime for small retailers, has appreciated the applied mind to contain the agitations, controversies, conflicts and contradictions; as being witnessed, including the small businessmen and retailers sit-in around Federal Board of Revenue (FBR) and agitating against tax officers.

    READ MORE: FBR urged to wave further tax on providing CNIC number

    They said that the first and the foremost motive and objective before the Finance minister should be to silent the conflicts arising out of forced documentation through statutes and manufactured harassment and notices at large issued by FBR functionaries in almost all over Pakistan.

    In this regard, FPCCI has received several complaints from its member bodies represented by small traders’ associations and chambers that they would like to be documented in the non-humiliating manner; the first step of which is through a simplified tax regime.

    READ MORE: Tax exemption sought for plant, machinery import

    FPCCI believes that, by initiating simplified and fixed tax regime, the present government will increase the revenues and the businesses shall be conducted in harmony; instead of amidst conflicts and contradictions.

    Moreover, the logical approach of broadening the tax net is highly necessary through the simplified fixed tax regime in a highly non-documented economy; wherein, the sales tax registered entities have not even reached two hundred thousand.

    To gradually put these people into the tax net will move towards increasing the documentation in a highly improportionately taxed economy; whereas, the manufacturing sector of less than 13 percent of GDP is bearing the brunt of highest taxation of 58 percent of the total tax generation.

    Suleman Chawla invited the attention of FM that two decades back the earlier government of biggest coalition partner of the present dispensation had introduced trade enrolment certificates to gradually bring the small retailers and businessmen into the tax net; which was later turned into total taxation of 0.75 percent of the turnovers – including sales tax & income tax.

    READ MORE: Proposed list of higher withholding tax rates for non-filers

    He further said that the well-thought-out moves of political governance in respect of measures to bring in small retailers and businessmen into the tax net through simplified and fixed tax regime was not promoted by bureaucracy; which later on caused the agitations and sit-ins.

    Acting President & VP FPCCI have appealed to the FM that his promised position during the meeting with the delegation of FPCCI should be given due consideration by incorporating the simplified and fixed tax regime for retailers and small businessmen other than tier-1; so that, agitations would come to an end and tax collection will be increased.

  • PYMA rejects customs valuation for filament yarn

    PYMA rejects customs valuation for filament yarn

    KARACHI: Pakistan Yarn Merchant Association (PYMA) on Tuesday rejected customs ruling issued for determination of value of polyester filament yarn.

    READ MORE: PYMA seeks duty, taxes cut on yarn in budget 2022/2023

    Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, have strongly rejected Valuation Ruling No. 1655 / 2022 Dated. 30.05.2022 which was issued on 31.05.2022 for Polyester Filament Yarn.

    READ MORE: CGT exemption on private company shares suggested

    PYMA office-bearers said that Director Valuation, Syed Fawad Ali Shah, had not consulted all stakeholders and refused the PYMA actual raw material price determination which was submitted earlier.

    They said that fresh valuation of polyester filament yarn is totally against normal practice.

    READ MORE: KTBA proposes up to 20% capital gain tax on real estate

    “Pakistan Yarn Merchants Association is a Major stakeholder of Polyester Filament Yarn & demanded for immediate withdrawal of VR # 1655 / 2022 and Director Valuation should call a meeting of all stakeholders & issue New / Revised Valuation Ruling of PFY as per past practice of Valuation Department,” PYMA office-bearers demanded.

    READ MORE: FBR urged to issue rules for WHT on digital transactions