LCCI wants turnover tax rate reduction | Pakistan Today

LCCI wants turnover tax rate reduction

Lahore Chamber of Commerce and Industry has demanded Federal Board of Revenue to bring down rate of turnover tax on the motorcycle dealers from the existing one per cent to 0.2 per cent. Demand was raised by LCCI president Irfan Qaiser Sheikh after having a meeting with a five-member delegation of Motorcycle Dealers Association comprising Sheikh Talib Nahid, Huyum Bhatti, Khawar Saeed, Sheikh Waheed Akhtar and Mohammad Munir.
LCCI Senior Vice President Kashif Younis Meher was also present in the meeting. Irfan Qaiser Sheikh said there is no second opinion about the fact that motorcycle dealers’ demand for cut in the rate of turnover tax is justified as the margin of net profit in the context of turnover, ranges from 0.50 per cent to one per cent and normal tax on profit shall in any case be lesser than one per cent of the turnover but the motorcycle dealers are legally bound to pay one per cent tax of the turnover which is neither prudent nor sustainable.

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