A meeting between FBR authorities and representative of the Beverage Companies was held under the Chairmanship of Senator Mohammad Ishaq Dar on Friday to discuss the revenue collection under the Capacity Tax rules.
The Finance Minister observed that the capacity system had been introduced in the last budget in order to allow the industry to work freely, without unnecessary interventions from the department, and at the same time, contribute to the national exchequer.
Chairman FBR presented the revenue performance of the aerated water industry during the first six months of the financial year, and suggested various options to meet the projected targets.
The industry representatives re-affirmed their commitment to increase their net tax payment by 25%, re-iterated their desire to continue with the capacity system. However, there was some difference of opinion on the modalities for meeting the said targets. Accordingly, it was decided to hold the next meeting on Wednesday, the 19thof February, 2014. In conclusion, the Finance Minister expressed his confidence on the business community and his expectation that the industry would fulfill its commitments.
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