Pakistan Vanaspati Manufacturers Association (PVMA) on Sunday announced an immediate reduction in prices of ghee and cooking oil to provide relief to the general public, stated a report from Business Recorder.
The Central Chairman of the PVMA Sheikh Abdul Waheed has directed all the manufacturers of ghee and cooking oil to reduce prices immediately after obtaining reduction of 3 percent sales tax on this industry.
The move comes after Chairman Sheikh Abdul Waheed wrote to a letter to the Prime Minister requesting relief in taxes so that relief could be provided to the masses through reduction of prices of ghee and cooking oil. The PVMA chairman also held meetings with Finance Minister Shaukat Tareen, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Chairman FBR and other top officials in this regard.
Chairman Waheed convinced the government to provide tax relief which resulted in waiver of 3 percent sales tax on the industry and the FBR has issued a notification in this regard which is to be implemented with immediate effect.
The move will result in reduction in the cost of production for ghee and cooking oil, therefore, the PVMA has decided to pass the relief on the customers with reduction in prices with immediate effect.
Chairman Waheed has thanked the PM, Tareen, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar and Chairman FBR for their cooperation which has resulted in relief to the masses.