Karachi: Federal Board of revenue (FBR) should withdraw Sales Tax multiple rate and apply 9 per cent uniform rate on all products, urged Federation of Pakistan Chambers of Commerce & Industry (FPCCI).
Talking in a pre-budget seminar organised by Karachi Branch Council (KBC) of Institute of Cost & Management Accountants of Pakistan (ICMAP) and the FPCCI, President Haji Fazal Khan Sherani, President FPCCI said this would not decrease government’s revenue, as smuggling eradicated and all quantities imported through legal channel, hence decreasing parallel volume of the economy.
He proposed under section 3(3)(a), a supplier is supposed to collect and deposit tax, whereas after introduction of Section 8 A, joint and several tax liability was placed for both buyer and seller for non-payment of output tax by seller.
He said Inland Revenue Department is issuing notices to commercial importers for doubtful and illegal refunds obtained by manufacturers, while investigating cases of refund claimants, whereas, commercial importers discharge their liability by paying Sales Tax, Value Addition Tax at import stage and should not be held responsible.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription