In order to reduce the Federal Excise Duty (FED), representatives of the aerated beverage industry appealed to the chairman of the Federal Board of Revenue (FBR) and the Senate Committee on Finance and Revenue.
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The industry highlighted the impact of the 7% FED imposition on their firm, resulting in a considerable reduction of about 40% in volume, while presenting their numbers to the committee, which showed negative growth.
The sector, which is projected to have contributed almost $200 million to the nation’s foreign exchange reserves during hard economic times, is a dependable contributor to the national economy, according to the industry officials. Recent tax changes, however, have limited the industry’s ability to grow, which has reduced spending and income.
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The chairman of the Senate Committee on Finance and Revenue, Senator Saleem Mandviwalla, indicated his willingness to take the industry’s request for tax relief into consideration. He recognised that the substantial drop in volume had a negative impact on government revenue.
Representatives of the aerated beverage industry are hoping that the Senate Committee would properly assess their proposal for a decrease in the 7% FED. They think that taking such action will help the industry overcome its difficulties, encourage investment, and help the country’s economy as a whole.
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