Karachi, April 09, 2018 (PPI-OT): The exemption of 16 percent of Federal Excise Duty on 12 Ghee Mills of FATA/PATA may create millions of rupees losses to Government exchequer and Federal Board of Revenue, this was stated by Ghazanfar Bilour President FPCCI in Executive Committee Meeting of Edible Oil and Ghee Mills. He stated that Palm Edible Oil and Ghee generally contributes 16 percent in Federal Excise Duty, 5.5 Percent in withholding tax and in custom duty; and is the second largest source of tax revenue collection after petroleum products.
The Ghee and Oil industries of Fata is already exempted from 5.5 percent of withholding tax and now exemption of 16 percent of Federal Excise Duty has darkened the future of oil and ghee industries of other provinces and will further loss the government revenue. He urged the government to pay serious attention on Ghee and oil industries and impose equal taxes on all over the Pakistan’s oil and ghee industries.
While endorsing the view point of President FPCCI, Mr. Akhtar Ashraf Ex-Chairman PVMA lamented that the survival of Ghee manufacturing companies situated in all provinces will be at stake because of 16 percent exemption and they will be at verge of collapse which may enhance unemployment in Pakistan.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94