The Federal Board of Revenue (FBR) has decided to waive the condition of filing income tax return form along with Annex-D to give details of personal expenditure for tax year 2011. The decision was made in a meeting between business community representatives and FBR Chairman Salman Siddique at the Federation House on Friday.
The FBR chief spent well over three hours in the FPCCI. On the issue of computerised national identity card (CNIC) for sale of goods to non-registered persons, it was decided that the issue would be taken up in December 2011 and till then the operation of it will be kept in abeyance.
According to the participants of the meeting, another important issue came up under hot deliberations. It was one percent turnover tax. It was decided that a team of trade bodies' representatives will visit Islamabad and hold a meeting with Finance Minister Abdul Hafeez Shaikh on the issue. The finance minister will take final decision of CNIC and one percent turnover tax.
Other issues, which come under discussion, included Afghan Transit Trade, new sale tax registration, fake sales tax invoices, smuggling, under-invoicing, and many other issues. The FBR chairman assured of his all-out support for early resolving of all pending issues and said that formal announcement would be made after meeting and approval of finance minister.
Acting President of FPCCI, Khalid Tawab, leader of business community SM Munir, a former president of FPCCI, Tariq Saeed, Vice President of Saarc Chamber of Commerce Iftikhar Akli, Chairman of Korangi Association of Trade and Industry (Kati) Ehteshamuddin, and a former chairman of Kati, Zahid Hussain, discussed issues in detail with the FBR Chairman.
The country is experiencing an unprecedented de-industrialisation because valuable industrial raw materials are being exported. The pet bottle scrap which is a raw material for regenerated polyester fibre, is being exported to China and at the same time 50 percent duties and taxes are imposed on it at the import stage. This needs to be rationalised to save the local industry. Salman Saddique assured the business community that all major issues would be resolved through due consultation with business community.