Pakistan Plastic Manufacturers Association (PPMA) expressing its displeasure has criticized new federal budget terming it friendly for non tax payers. In a statement issued here on Sunday, Zakaria Usman, Chairman PPMA and Zafar Saeed, Convener association’s Taxation Committee PPMA expressed their concerns over proposed changes in the budget saying this will badly affect the plastic sector.
PPMA officials highly criticized the Budget on bringing commercial importers into minimum tax regime from Fix Tax Regime. We are of the strong view that the current rate of Income Tax u/s 148 is very high as our raw material is of high value commodity and a huge amount is already paid at import stage u/s 148, Zakaria Usman said.
PPMA requests Finance Minister Miftah Ismail and FBR to withdraw this proposal of Minimum Tax u/s 148 as it is already heavily taxed and retain Commercial Import in FTR, he demanded.
Chairman PPMA said observed that as a matter of fact government failed to register wholesalers and retailers in bringing them into tax net. Enhancement of further 2 to 3 percent tax will discourage the honest tax payer and incentivize the tax evaders who are already out of tax net. Zakaria Usman also urged government and tax authorities to withdraw enhancement of 1 percent further tax.