Karachi: Karachi Chamber of Commerce and Industry (KCCI) Vice President, Junaid Esmail Makda has written to Federal Board of Revenue (FBR) that the applicability of the new sales tax and federal excise return should be deferred unless all the stakeholders including Trade Bodies, Associations and KCCI, being the largest Chamber of the nation and only representative of taxpayers contributing 70% to the national exchequer. The notification envisages application of the amended return from July 2011.
The Chamber has also stated that changes, such as requirement of CNIC, HS Code and monthly closing and reconciliation of stock, if needed, should only be applicable from the next tax period after the amendment is made in consultation with the stakeholders.
KCCI firmly believes that any cumbersome or superfluous changes in Sales Tax and Federal Excise Return shall not only increase the cost of doing business but will also result in decreasing the sales volume and consequently the collection of Sales Tax by FBR as well. It is significant to mention that more than 60% of revenue collection made by FBR is through indirect taxes and Sales Tax constitutes a major fraction.
In a statement issued today, Junaid Makda assured its members and the business and Trade Community that the Chamber is actively pursuing the issue of Sales Tax Return and is in close liaison with FBR officials to rectify all problems and for that reason, extension in filling of return and depositing sales tax liability has been granted by FBR.
For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: firstname.lastname@example.org, email@example.com