By Asad Cheema
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Wednesday agreed to bring furniture retailers under fixed tax regime, in order to promote and develop local furniture Industry.
A delegation of Pakistan Furniture Association led by Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry called on the minister and briefed him about the difficulties being faced by the furniture retailers due to their placement in Tier-1 category for sales tax collection.
Zahid Hussain Chairman All Pakistan Furniture Association, Patron in Chief Mian Muhammad Afzaal and others were also part of the delegation.
Muhammad Shakeel Munir informed the minister that the furniture industry had great potential to grow and boost exports of the country but placing furniture retailers in Tier-1 category for sales tax collection had created lot of difficulties for the sector that would affect its business activities.
He pleaded the case of furniture retailers for bringing them under fixed tax regime so that they could pay their sales tax through their electricity bills at the rate specified in the finance bill while the income tax collection should be continued at the prevailing rate.
Zahid Hussain, Chairman All Pakistan Furniture Association said that a fixed tax regime for furniture retailers will increase the tax revenue for the country and reduce the issues of furniture retailers.
