November 13, 2002	Wednesday	Ramazan 7, 1423

MULTAN, Nov 12: The Central Board of Revenue has reportedly agreed to incorporate certain changes in the draft of proposed ginning industry rules 2002, after negotiations with the ginners.

The CBR and Pakistan Cotton Ginners Association held negotiations here recently which proved conclusive after thorough deliberations spanned on two days.

The Central Board of Revenueteam was led by board’s mem-ber (sales tax) Mohammad Ramzan Bhatti while PCGA was represented by its acting chairman Sheikh Farooq Ahmed, former chairman Sheikh Saeed, vice-chairman from Sindh circle Mahesh Kumar and vice-chairman from Sargodha circle Mohammad Tariq.

After detailed discussion, it was agreed that the clause 3 of the registration rules would be amended in order to explain the financial position of a person interested to take a ginning factory on lease.

Now, the lessee would have to present a bank guarantee or property equal to Rs1 million.

Similarly, both the sides agreed that under clause 6 of the rule 6 of ginning industry rules, the buyer (textile miller) would pay the sales tax against the lint procured up to the tenth day of every next month. In case of any short supply, the buyer would pay the sales tax against the quantity that reached the mill.

While, in case of any accidental loss caused by fire, accident or due to any other reason the buyer would charge the sales tax amount from the insurance company.

Talking to Dawn, Sheikh Farooq said after incorporating these amendments the ginners had no further objection to the implementation of the ginning industry rules 2002.