Pakistan’s National Assembly Standing Committee on Finance, Revenue and Economic Affairs last week formed a sub-committee to identify problems being faced by the textile sector due to zero rating on export and other taxation issues related to exports, imports and the domestic industry. The sub-committee will submit its report to the committee within 30 days. A meeting of the committee was held under the chairmanship of Asad Umar, according to Pakistani media reports. The committee recommended the Federal Board of Revenue (FBR) to arrange a detailed briefing about the criteria of tax refunds and the role of the newly-created refunds company under FBR.
