KARACHI: Khurshid Alam, Chairman, Pakistan Tanners Association (PTA) endorsed the decision of Pakistan Hosiery Manufacturers Association (PHMA), which has been supported by Lahore Chambers of Commerce & Industry for the peaceful Protest Walk from Lahore Chamber s Office to Governor House, Lahore proposed to be made on 11th December, if the Government withdraw zero rating facility by imposing Reformed General Sales Tax (RGST) & Flood Surcharge.
Khurshid Alam, Chairman, Pakistan Tanners Association also stated in a press statement that Pakistan Tanners Association, which is recognized Trade Body in Pakistan representing the conglomeration of genuine Manufacturers & Exporters of Finished Leather of all sorts and contributes 5 per cent to the country s GDP is presently enjoying zero rating facility may also join the peaceful Protest Walk on proposed date against the imposition of RGST & Flood Surcharge, which would hopefully this time yield the desired objectives to convey the deep resentment of the business community to the Government of Pakistan to the proposed impositions, which are undoubtedly harmful to the Leather Industry too.
The Chairman, PTA, Mr. Khurshid Alam articulated that Rs12 Billion of Leather Sector would stuck up in tax refund money under export rebate, which is at present around 1 per cent and it seems well nigh impossible in the existing mechanism that FBR could smoothly release GST refunds. To meet this shortfall in working capital, exporters/entrepreneurs would proceed to Bank for financing its export for which mark-up rate itself is on a parallel rise. CITATION http://www.chinaleather.org/eng/show.php?itemid=5628
Khurshid Alam, Chairman, Pakistan Tanners Association also stated in a press statement that Pakistan Tanners Association, which is recognized Trade Body in Pakistan representing the conglomeration of genuine Manufacturers & Exporters of Finished Leather of all sorts and contributes 5 per cent to the country s GDP is presently enjoying zero rating facility may also join the peaceful Protest Walk on proposed date against the imposition of RGST & Flood Surcharge, which would hopefully this time yield the desired objectives to convey the deep resentment of the business community to the Government of Pakistan to the proposed impositions, which are undoubtedly harmful to the Leather Industry too.
The Chairman, PTA, Mr. Khurshid Alam articulated that Rs12 Billion of Leather Sector would stuck up in tax refund money under export rebate, which is at present around 1 per cent and it seems well nigh impossible in the existing mechanism that FBR could smoothly release GST refunds. To meet this shortfall in working capital, exporters/entrepreneurs would proceed to Bank for financing its export for which mark-up rate itself is on a parallel rise. CITATION http://www.chinaleather.org/eng/show.php?itemid=5628
