Karachi
The Pakistan Yarn Merchants Association (PYMA) has demanded the Federal Board of Revenue (FBR) to withdraw 1.5 turnover tax imposed on yarn traders and restore the previous rate of 0.1 percent.
In a letter to FBR chairman on Monday, Farhan Ashrafi, PYMA Vice Chairman and Convener FPCCI’s Central Standing Committee on Yarn Trading, said that present turnover tax rate for yarn traders is very high and many traders may resort to close their factories at this high rate, as businesses are already badly affected by the coronavirus pandemic and are facing severe financial crunch.—TLTP
