FPCCI demands inclusion of all raw materials in SRO 1240(1)/2020
LAHORE: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Mian Anjum Nisar said that the amendments cover limited industrial raw materials for inclusion in the 12th Schedule through SRO 1240(1)/2020 dated November 20, 2020.
Talking to the media here, he explained that Federal Board of Revenue (FBR) had allowed a list of industrial raw materials for benefits under 12th Schedule, however, the anomalies committee of FBR declared very few raw materials not to be included in the finished goods and allowed to pay two per cent income tax instead of 5.5 percent. "This, of course, resolves an important issue of commercial importers but there is still a long list of raw materials to be considered the same way," he observed. - APP