20000316

Govt urged to exempt indenting commission from IT

RECORDER REPORT

KARACHI: M. Iqbal Mangrani, Chairman, Pakistan Cloth Merchants Association (Sindh-Balochistan Zone), has urged the government to exempt indenting commission earned by indentors on imports from the payment of income tax in the same way as allowed on the remittances of overseas Pakistanis.

In a statement, he urged the Central Board of Revenue (CBR) to issue an SRO in this regard, which would help in increasing the inflow of foreign exchange through banking channels and would discourage the use of unofficial means, which was greatly harming the economy.

He welcomed the recent decision of CBR regarding reduction in withholding tax on commission earned by export indenting agents or export buying houses.