Budget proposals by ICCI to be given due consideration: FBR

Nausheen Javed Amjad, Chairperson, Federal Board of Revenue Thursday said that budget proposals sent by Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration as they would be helpful in finalizing the Federal Budget 2020-21.

She said this while talking to Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry who called on her in her office along with Malik Sohail Hussain, Chief Coordinator UBG, FPCCI.

Nausheen Javed Amjad assured that the process of tax refunds payment would be accelerated to address the liquidity issues of business community. She said the role of business community was important in the economic development of country and FBR would try to facilitate them in tax matters for business promotion.

Speaking at the occasion, Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry highlighted many tax related issues of business community that needed close attention of FBR for redress. He said that due to the situation created by Covid-19 pandemic, businesses and industries have suffered huge losses and in these conditions, FBR should play role to facilitate them in tax matters for revival of business activities.

He said that Islamabad Chambers of Commerce & Industry have sent comprehensive and sector-wise budget proposals to FBR of various sectors including steel, cooking oil & ghee, steel re-rolling, real estate, furniture and others that should be included in the final budget to address their tax issues.

Muhammad Ahmed Waheed further said that huge amount of income tax and sales tax refunds was pending with FBR due to which business community was facing liquidity issues and suggested that FBR should speed up the process of their payment or allow their adjustment against payable taxes.

He said that adjustment of tax refunds against payable taxes would provide good relief to business community at a time when businesses are suffering from the impact of Covid-19 pandemic.