Lahore, March 15, 2013 (PPI-OT): Pakistan Industrial and Traders Association Front (PIAF) on Friday thanked the Federal Finance Minister for accepting the business community demand regarding cut in Withholding Tax on Export-based industry. In a statement issued here, the PIAF Chairman Malik Tahir Javaid said that the business community welcomes the issuance of notification wherein the rate of Withholding Tax on export-based industries has been curtailed to one percent from existing five per cent.
The PIAF Chairman said that the imposition of five per cent Withholding Tax was unjustified therefore cut in its rate would help rejuvenate economic activities in the country. Malik Tahir Javed said that the other day a PIAF delegation had a meeting with the Federal Finance Minister in Islamabad and informed him of the ramification of high rate of Withholding Tax on export-based industries.
He said that prompt action taken by the Finance Minister was enough to make the point that the government was ready to accept genuine demands of the business community. The PIAF Chairman suggested to the government to develop a mechanism of consultation with stakeholders to ensure implementation of all economic policies in letter and spirit.
For more information, Contact:
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Phone: (92) 42 5123522
Fax: (92) 42 5123522