{"id":73858,"date":"2021-02-02T10:45:43","date_gmt":"2021-02-02T05:45:43","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=73858"},"modified":"2021-02-02T10:45:48","modified_gmt":"2021-02-02T05:45:48","slug":"steel-producers-request-govt-reduce-minimum-tax-rate","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/steel-producers-request-govt-reduce-minimum-tax-rate.html","title":{"rendered":"Steel producers request govt to reduce minimum tax rate"},"content":{"rendered":"\n<p>Islamabad: Pakistan Association of Large Steel Producers (PALSP) Secretary General Syed Wajid Bukhari recently requested the government to reduce the minimum tax rate imposed on all dealers and distributors associated with the country\u2019s steel industry, a news source reported on January 31.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/abad-urges-govt-to-notice-cement-steel-price-hike.html\" target=\"_blank\" rel=\"noreferrer noopener\">ABAD urges govt to take notice of cement, steel price hike<\/a><\/p>\n\n\n\n<p>He expressed his views on the matter in a letter addressed to Federal Minister for Industries and Production Hammad Azhar, Finance Minister Abdul Hafeez Shaikh and Special Assistant to Prime Minister (SAPM) on Revenue Dr Waqar Masood Khan.<\/p>\n\n\n\n<p>He stated that the current tax rate was seen to prevent both dealers and distributors from improving productivity in their business operations; urging the executive to revise the tax rate from the existing 1.5 percent to 0.25 percent.<\/p>\n\n\n\n<p>\u2018The existing rate not only discourages steel manufactures from making future investments but also places additional burden on cash flows and disrupts supply chain of steel sector,\u2019 the news source quoted the PALSP chief as saying. \u2018It further discourages the stakeholders from documenting their business transactions with the Federal Board of Revenue (FBR),\u2019 he added.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/issues-faced-by-steel-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\">PM directs ministries to address issues faced by steel sector, related industries<\/a><\/p>\n\n\n\n<p>He further stated that the proposed reduction would encourage unregistered retailers associated with the steel sector to become part of the documented economy, thereby generating additional revenue for the government.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Pakistan Association of Large Steel Producers (PALSP) Secretary General Syed Wajid Bukhari recently requested the government to reduce the minimum tax rate imposed on all dealers and distributors associated with the country\u2019s steel industry, a news source reported on January 31. Read: ABAD urges govt to take notice of cement, steel price hike He expressed his views on the matter in a letter addressed to Federal Minister for Industries and Production Hammad Azhar, Finance Minister Abdul Hafeez Shaikh and Special Assistant to Prime Minister (SAPM) on Revenue Dr Waqar Masood Khan. He stated that the current tax rate was seen to prevent both dealers and distributors from improving productivity in their business operations; urging the executive to revise the tax rate from the existing 1.5 percent to 0.25 percent. \u2018The existing rate not only discourages steel manufactures from making future investments but also places additional burden on cash flows and disrupts supply chain of steel sector,\u2019 the news source quoted the PALSP chief as saying. \u2018It further discourages the stakeholders from documenting their business transactions with the Federal Board of Revenue (FBR),\u2019 he added. Read: PM directs ministries to address issues faced by steel sector, related industries He further&hellip;<\/p>\n","protected":false},"author":67,"featured_media":63768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[45105,7125,45104,45106],"persona":[],"class_list":{"0":"post-73858","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-pakistan-association-of-large-steel-producers-palsp","9":"tag-steel","10":"tag-steel-industry","11":"tag-steel-tax","12":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steel producers request govt to reduce minimum tax rate - Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan Association of Large Steel Producers Secretary General Syed Wajid Bukhari requested the executive to revise the tax rate from 1.5% to 0.25%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/steel-producers-request-govt-reduce-minimum-tax-rate.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steel producers request govt to reduce minimum tax rate - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan Association of Large Steel Producers Secretary General Syed Wajid Bukhari requested the executive to revise the tax rate from 1.5% to 0.25%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/steel-producers-request-govt-reduce-minimum-tax-rate.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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