Beverage industry to increase net tax payment by 25pc

ISLAMABAD: The beverage industry representatives have reaffirmed their commitment to increasing their net tax payment by 25%, reiterated their desire to continue with the capacity system.

However, there was some difference of opinion on the modalities for meeting the said targets. The industry reiterated their commitment on Friday in a meeting with FBR authorities and Finance Minister Ishaq Dar. The meeting discussed revenue collection under the Capacity Tax Rules, says a press release.

It was decided to hold the next meeting on Wednesday. In conclusion, the finance minister expressed confidence in the business community and expectations that the industry would fulfill its commitments.

The minister observed that the capacity system had been introduced in the last budget in order to allow the industry to work freely and contribute to the national exchequer.The FBR chairman presented revenue performance report of the aerated water industry during the first six months of the financial year, and suggested various options to meet the projected targets.