Pakistan Tea Association (PTA) meets Federal Board of Revenue (FBR) officials and suggests to amend and finish the anomaly on wealth tax on import of bulk packing tea in Pakistan.
Bulk tea is a raw material, at import stage for all importers, 2 types of different tax distinguish for withholding tax at import stage that cut government’s revenue and create unbalance and ambiguity in official trade. Therefore, PTA has recommended Government and FBR that Tea, when imported, should be treated in table 2 of the 12th schedule and charge a 2 pct wealth tax on all imports of bulk packing tea.
Doing this will not only increase the revenue but will also bolster legal trade in the country.
When FBR will implement and rationalize the wealth tax rate on Tea for all importers and will treat in table 2 of 12th schedule, will consequently undo all exemptions of wealth tax
Therefore, this way playing field for all importers will be provided. This will also skyrothe cket government’s revenue, as well as stop the leakages of billion of Rs in govt revenue and recover it.
Chairman Pakistan Tea Association Aman Paracha also said that two types of different policies in same trade is not beneficial for revenue. Therefore, government should prefer to rationalize equal tax tarrifs in order to get fruitful results.
He also mentioned that “the vision of our PM is the also same to halt further irregularities in the system and provide relief to the common man.”