Lahore (Muhammad Yasir) Pakistan Footwear Manufacturers Association has presented its proposals regarding income tax and sales tax for the financial budget 2021-22. Muhammad Imran Malik, Chairman of the Pakistan Footwear Manufacturers Association, said in a statement that the 25-point budget proposals include special incentives for the footwear sector to reduce various duties besides income tax and sales tax and promote the Midan Pakistan policy. Suggestions included.
The income tax proposals from the Pakistan Footwear Manufacturers Association include adjusting the additional amount of tax paid to next year’s tax liabilities, exemption from application of minimum tax, rate of depreciation allowance for plant, machinery and Restoring the tax credit rate to 50% for appliances, 25% for buildings and 10% for investments, taxing income instead of business, excluding greenfield industry and special economic zone entities from the tax on dividends. Gradual reduction of corporate income tax rate from 29% to 25%, elimination of advance tax, reduction of tax deduction on dividends paid to shareholders from 15% to 10% and period of business losses instead of 5 years. An indefinite extension has been requested.