Syed Waliullah Shah
NOWSHERA: Vice chairman Associated Industries Limited Nowshera Sheikh Atif Rashid that duty free import to Provincially Administrated Tribal Areas, (PATA) and erstwhile-Fata shall lead to bankruptcy of Ghee and Oil Mills in Khyber Pakhtunkhwa.
This he said while talking to The Frontier Post and added that in federal budget for 2021-22 shall damage oil and ghee industry because magnitude of one hour travelling three types of tax zones have been established which is the main cause their concern. He added that Associated Industries Limited is located in Amangarh Nowshera and PATA and erstwhile Fata is lying in radius of one hour travelling where exemption from tax has been granted by federation.
VC Associated Industries declare that 5% income tax exemption and relaxation in custom duty on machinery for Rashakai economic zone is unfair. He added that 20% tax relaxation in PATA and erstwhile Fata shall also damage industries in other areas. Vice Chairman claimed that demand of PATA and Fata is three lac tons however growth is accepted to one million tons in the areas of raw material especially oil and ghee material which lead to the monopoly of these regions due 20% tax benefits on industries. He added that it would affect 122 industries across KP.
VC requested PM to introduce same taxation policy across the board and end discrimination in tax system which is creating hurdle for economic and industrial growth in Pakistan.
