Changes in ST, FED return forms: government urged to take traders into confidence

Chairman, Pakistan Tanners Association (PTA), Aziz Ahmed has urged the government to take business community into confidence before implementation of changes made in Sales Tax and Federal Excise Duty return forms. He said that the changes made in the ST and FED should not be applicable until all stakeholders including PTA, KCCI, KATI and other trade bodies were taken into confidence.
The notification envisages application of the amended return form from July 2011. The PTA chief further said that changes such as requirement of CNIC, HS code, monthly closing and reconciliation of stocks if needed should only be applicable from the next tax period after the amendment is made in consultation with all stakeholders. He said that PTA strongly believed that any burdensome or derivative changes in the said taxes shall not only increase the cost of doing business but will also result in reduction of sales volume and collection of sales tax by FBR.
He mentioned that more than 60 percent revenue collection is made by FBR for indirect taxes and sales tax that constitutes a major fraction and the unnecessary changes would adversely affect government revenue in the next fiscal. Ahmed hoped that since the matter is pursued by KCCI all problems would be rectified soon by the FBR high-ups.