960414

Budget proposals:

GCCI suggests

change in taxation

RECORDER REPORT

GUJRANWALA: The Gujranwala Chamber of Commerce and Industry, in its pre-budget proposals, has urged the government to retain the Fixed Sales Tax (FST) scheme for those units which have already been paying the FST.

Regarding the general sales tax, it said that, at the time of adjustment of sales tax, no documents should be demanded and it should not be levied on locally manufactured machinery and aluminium ingots. The power of tax collecting officer to arrest a tax payer on suspicion of default should be withdrawn.

It has been suggested that withholding tax on import stage should be reduced to two percent.

Mark-up rates should be reduced.

Licences of PSI firms should be cancelled.

It has been stresses that increases in petroleum products, electricity and gas rates effected during the current year should be withdrawn in the next year's budget. Regulatory duty should be withdrawn.

Stainless steel and aluminium scraps are imported via Quetta and Torkhum, and an average of Rs 6,000 to Rs 8,000 is charged as import duty per truck whether the vehicle is 10-ton or 40-ton capacity. It is suggested that import duty should be charged on weight basis.