The Karachi-based business community and exporters would discuss six crucial issues of sales tax, income tax and customs duty with the Federal Board of Revenue (FBR) in Karachi on Wednesday, October 26, to take final decision on some controversial provisions of tax laws.
It is learnt that the FBR team of tax managers, headed by FBR Chairman Salman Siddique, would convene meetings with all key associations, trade bodies/chambers and export association of Karachi during two days' stay in the industrial hub of the country. The FBR has taken principled stand on two key issues--provision of computerised national identity card numbers (CNICs) or National Tax Numbers (NTNs) of unregistered buyers/sellers, and details of personal expenditure as given in the new income tax return form.
During the national consultative process of the FBR to discuss important issues with the business and trade, the FBR is expected to have interactive sessions on the following key issues: Firstly, business community will express its reservations over the SRO.821 (I)/2011 to obtain exemption from compliance on the provision of CNICs/NTNs of unregistered buyers/sellers.
Secondly, the issue of new sales tax return form is expected to be taken up by the Karachi-based businessmen and Annex of the return dealing with the stock details would be discussed with the tax authorities. Thirdly, business associations are likely to show resistance to the Annex-D of the income tax return form dealing with the personal expenditures.
Fourthly, both FBR and Karachi-based traders would also discuss the cases framed by Directorate General of Intelligence and Investigation FBR against wrong claimants of input tax adjustments. Within the entire supply chain, the cases have also been framed even against the indirectly accused units. Fifthly, exporters would also point out practical difficulties being faced during clearance of consignments under the Web Based One Customs (WEBOC) at Port Qasim.
Sixthly, representatives of businessmen would also raise the issue of sales tax audit parameters with the tax authorities. The audit notices issued to the taxpayers in Karachi would be highlighted by the business and trade. On Wednesday, October 26, the FBR team would convene meetings with the Federation of Chamber of Commerce and Industry, Pakistan Hosiery Manufactures Association and other value-added export associations as well as Korangi Association of Trade & Industry.
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