KCCI has urged the govt. to reduce the general sales tax to single digit from 17% in the new FY22 budget on all sectors which would reduce input cost and help in reducing prices of consumers’ items besides helping exports. Smuggling, under-invoicing and mis-declaration will be curtailed, while fake and flying invoices eliminated. On the issue of CNIC for unregistered persons, KCCI said that the requirement of CNIC should not be mandatory till the time that number of registered persons in sales tax regime has substantially increased. It urged the govt. to allow commercial import of used cars of models up to five years old besides 50% cut in tariff rates for import of used cars followed by restoration of depreciation to 50%. The chamber said all kinds of industrial machinery used in the production of goods may be exempted from sales tax if imported by manufacturers and if such machinery is not manufactured locally.
1/4/2021