Daily Times

The Rawalpindi Chamber of Commerce and Industry (RCCI) has urged FBR to withdraw the notification related to the inclusion of finished articles in the Third Schedule of Sales Tax Act, 1990 through Finance Act 2019.

Malik Shahid Saleem President RCCI while talking to the delegation of importers at chamber house on Monday said that this amendment has created a difficult situation for importers where one could not calculate retail prices of the products at import stage.

The importers were of the opinion that it was impossible for them to determine retail price of a finished article including all overheads; duties, commission, transport charges etc, at the import stage and if they did, it would be completely based on assumption.

RCCI President urged the FBR to make suitable amendment and allow commercial importers to pay sales tax along with additional tax admissible at the time of delivery of goods to wholesalers instead of depositing the same at import stage.

He said that the given amendment has triggered panic among the commercial importers who are reluctant to get their consignments cleared.

Previously, importers before the said amendment got their consignments cleared as per customs value; however, now they had been directed to print retail prices on each individual item and the customs department would now clear consignments on the basis of declared retail prices, putting excessive burden of additional packaging cost on importers, he informed.

RCCI President said that the majority of purchases are not being made directly from manufacturers but from international local markets hence it is impossible for the importers to determine retail price of the finished article including all overheads and print the same in the exporting country.

A large number of consignments of commercial imports are stuck at port as the importers are reluctant to get their consignments cleared after the inclusion of finished articles in the Third Schedule of Sales Tax Act, 1990 through Finance Act 2019, he further informed.