June 11, 2014- BR report
Pakistan Oil Mills Association (POMA) Punjab chapter and Pakistan Cotton Ginners Association (PCGA) have decided to initiate a joint struggle against the imposition of five percent General Sales Tax on oil cake. According to them this decision may affect the milk production and milk products besides increasing their prices.
While addressing a joint press conference here on Tuesday Sheikh Aasim Saeed, Vice Chairman of PCGA, former chairmen Haji Muhammad Akram, Sheikh Muhammad Saeed, Nawab Shehzad Ali Khan, Sheikh Muhammad Tariq, Chairman of Pakistan Oil Mills Association, Sheikh Muhammad Ashfaq, Secretary General Mian Muhammad Ashraf said that there are more than 4,000 oil mills in the country, in which 60 percent are unregistered and around 40 percent are registered but their annual turnover is less than Rs 50 million.
They also demanded that turnover tax must be increased to Rs 100 million from Rs 50 million and previous rate of 0.5 percent of turnover tax be restored, limit for income tax should be increased from 0.4 million to 0.5 million, preservation of taxation record under Section 65 of Income Tax Ordinance should be reduced to three years instead of five years.