OICCI slams no advance tax on non-filer retailers

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has expressed concern that the budgetary measure of imposing advance income tax (AIT) on non-filer retailers is not being implemented.
The chamber believes this is due to the stubborn stand of a large part of the retail trade who, as before, are not prepared to be part of the tax system, forcing the distributors or the brand owner company to fund the additional tax charge in some cases.
In a letter to Federal Board of Revenue (EBR) Chairman Rashid Mahmood Langrial, the OICCI Chief Executive and Secretary General M Abdul Aleem recommended that the FBR and the government engage with the respective stakeholders, neutralise the undue fear of the trade and ensure full compliance with the law.
He said OICCI fully supports the need to boost tax revenue by broadening the tax base with due collection from all sectors of the economy, including retail and wholesale trade, agriculture, and service sector, including professionals and real estate.
Through the Finance Act, the government has shown its intention to address some of these sectors, and the OCCI looks forward to concrete action to achieve the projected revenue of Rs13 trillion in 2024-25.
Acer Gadget Inc has announced a strategic partnership with Air Link Communication Ltd (Air Link) to introduce Acer Gadgets e-10 laptops, tablets and all-in-one devices to the Pakistani market.
In a stock filing on Tuesday, Air Link said it has been granted distribution rights and has entered an exclusive assembling agreement with Acer Gadget’s manufacturing partner, Shanghai Sixunited Intelligent Technology Co Ltd, to assemble these products at the Airlink’s Lahore facility.
Published in Dawn, August 21st, 2024