Sales Tax amendments should be revoked: PTA

KARACHI: The Chairman, Pakistan Tanners Association (S.Z), Aziz Ahmed has demanded of the government to immediately stop implementations on the amendments in the sales tax and federal excise duty returns.

The PTA chief said that the changes made in the ST and FED should not be applicable until all stakeholders including PTA, KCCI, KATI and other trade bodies would be taken into confidence.

The notification envisages application of the amended return from July 2011. The PTA chief has further stated that changes such as requirement of CNIC, HS code, monthly closing and reconciliation of stocks if needed should only be applicable from the next tax period after the amendment is made in consultation with all stakeholders.

He said that PTA strongly believes that any burdensome or derivative changes in the said taxes shall not   only increase the cost of doing business but will also result in reduction of sales volume and collection   sales tax by FBR. He mentioned that more than 60 per cent revenue collection is made by FBR for indirect taxes and sales tax that constitutes a major fraction and the unnecessary changes would adversely affect government revenue in the next fiscal.

Aziz Ahmed hoped that since the matter is pursued by KCCI all problems would be rectified soon by the FBR high ups.

Copyright NNI (News Network International), 2011