The Pakistan Finance Minister Ishaq Dar recently successfully struck agreements with textile and service sector tycoons and announced the imposition of 10 per cent regulatory duty on import of cotton yarn from India and grey and processed fabric as well as devising a formula of tax payment for service providers. For 12 service providers, the government announced a new facility either to pay a minimum tax at the reduced rate of 2 per cent and provide accounts for audit for the tax year 2016 or pay 8 per cent minimum tax with a carry forward facility. Representatives of the textile industry thanked the finance minister for the steps announced and assured they would extend support to the government in its efforts for the promotion of a tax culture and enhancement.
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