FBR Agrees to Announce Tax Incentive Proposals for Businessman in Next Budget

FBR Chairperson Nausheen Javaid Amjad assured the businessmen of support for resolution of outstanding issues related to taxation and anomalies.

”In the current changed economic scenario impacted by Covid-19, the taxation policies and upcoming federal budget will have to be formulated to help the trade and industry to deal with new challenges,” Amjad said, talking to office bearers of Karachi Chamber of Commerce and Industry (KCCI).

Member Inland Revenue Policy of FBR Hamid Ateeq Sarwar said the process of refund is being streamlined and cheques of duty drawbacks would be directly delivered to the exporters, and where possible refunds would also be credited directly to their accounts.

“The FBR will hold consultations with stakeholders to prevent misuse of such powers and ensure accountability of concerned officers,” he added. “The FBR is working to create a common pool and procedures to conduct consolidated audit for sales tax, income tax and FED (federal excise duty) to eliminate multiple audits.”

KCCI proposed withdrawal of exemption in withholding tax to large import houses in the budget 2020/21, which was agreed by the FBR. He said sales tax 17 percent on import of industrial machinery would be revised to 10, 5 and 1 percent according to various categories.

Businessmen Group Chairman Siraj Kassam Teli said the government has to take extraordinary measures to support trade and industry to ensure their survival in these difficult times. ”The impact of this crisis is severe for economies like Pakistan which are already burdened with debt,” Teli said. Trade and industry is unable to cope with the financial impact of lockdowns and many businesses are facing bankruptcies.”

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