Vice President, Karachi Chamber of Commerce and Industry (KCCI), Junaid Esmail Makda has written to FBR that the applicability of 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 percent to the national exchequer agree upon it.
The notification envisages application of the amended return from July 2011. In a statement issued Tuesday, 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 collection of Sales Tax by FBR. It is significant to mention that more than 60 percent of revenue collection made by FBR, indirect taxes and Sales Tax constitute a major fraction. `Makda assured its members and 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. For this reason, extension in filling of return and depositing sales tax liability has been granted by the FBR.-PR
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