Senior Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged Federal Finance Minister Dr Miftah Ismail, and Chairman federal Board of Revenue (FBR) Tariq Mahmood Pasha to restore the Final Tax Regime (FTR) option to the commercial importers and the income tax paid @6% at custom stage be considered as full and final discharge of their tax liability instead of considering it as minimum tax.
He said that in pursuance to an amendment in section 148 (8) in I.T.O. 2001 as proposed by Finance Bill 2018 such commercial importers would now be required to file income tax return instead of filing of Statement under section 115 and as such would be subject to audit under section 177 of the I.T.O 2001. "The proposed amendment has created unrest among the Importers and they are very much disturbed" he added. He argued that it would open up the option to the tax collectors to further squeeze the taxpayers through audit and create demand.
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