Islamabad: Pakistan’s leading businessmen and industrialists have insisted on the zero-rating status to the manufacturers of products that are exported, a news source reported. The business community met with Prime Minister (PM) Imran Khan recently, where no final decision could be reached on this matter.
An attendee of the meeting revealed that the meeting emphasised that the sale of export products in the local market should be taxed. The meeting was briefed that the Federal Board of Revenue (FBR) believes that the export of such products should not be taxed but their sale in the local market should be.
Meanwhile, the business community has been informed that they are liable to pay taxes on all their products, including those that are to be exported. However, they will be refunded if they provide transparent details of their products.
The business community attending the meeting opined that FBR collected less taxes from the industries as compared to the refunds it paid during the incentive’s discontinuation in 2009. They also gave suggestions to the PM regarding the upcoming federal budget 2019-20.