President, Karachi Chamber of Commerce and Industry (KCCI), Anjum Nisar has urged the Chairman, Federal Board of Revenue, (FBR) Ahmad Waqar to allow the taxpayers to adjust their tax liability against their available/determined income tax, sales tax, and federal excise refunds under the Investment Tax Scheme, 2008 for Undisclosed Income, as was available in all the previous Amnesty Schemes announced by the successive governments in 1958, 1969, 1976, 1985, 1977 and in 2000.
The Chamber Chief argued that due to worst economic crisis and recession prevailing in the country as well as the protracted load-shedding, the trade and industry is suffering from acute financial crunch, and as such the taxpayers are not in a position to deposit cash against the Investment Tax Scheme, 2008 for Undisclosed Income. Moreover, he added that the refunds are also stuck up with FBR mainly due to its policies.
President of the Chamber said, "This will facilitate the taxpayers to avail the Amnesty Schemes and clear their tax liability on the one hand and minimising outstanding accumulated refunds claims lying pending with the FBR for payment on the other hand."-PR