KARACHI – Newly-appointed Chairman FBR Dr Muhammad Ashfaq Ahmed on Wednesday assured the business community that they would be taken into confidence for reforms and their genuine issues would be addressed.
He said this while meeting with Muhammad Ahmed, former president ICCI and Malik Sohail Hussain Chief Coordinator of UBG and former SVP ICCI.
During the meeting the representatives of the business community raised the issues of section 8B of the Sales Tax Act 1990 to allow registered taxpayers to claim 100 percent input tax adjustment.
Under the section 8B of the Sales Tax Act, a registered person shall not be allowed to adjust input tax in excess of 90 percent of the output tax for that tax period.
The proposal was made during the budget preparation exercise for 2012-22, but not made part of the Finance Act 2021.
They also discussed waiver of penal surcharge for overstayed goods in the warehouses. A large number of goods were not exported and remained in the warehouses which they said will require one year extension in the goods declarations.
Businessmen also requested the FBR Chairman to ensure confidentiality while sharing taxpayers data with the NADRA to avoid harassment.
The delegation extended their full cooperation for the integration of all the non-integrated Tier-1 retailers within Islamabad.
FBR Chairman assured that all genuine issues would be addressed after seeking the input of all stakeholders.
He informed that FBR has implemented a new complaint redressal mechanism to address the complaints of taxpayers. The complaints would be opened, acknowledged, and treated as per law in a highly confidential manner. The identity of the complainants would not be disclosed, he assured.
