ISLAMABAD: The newly-appointed Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Ahmed Wednesday assured that the business community would be taken into confidence for bringing reforms in the tax administration, taxpayers facilitation, simplification of procedures, and addressing genuine issues in enforcing various tax laws.
The FBR chairman made these observations during a meeting with Muhammad Ahmed, immediate past president Islamabad Chamber and Malik Sohail Hussain, former senior vice president ICCI and chief coordinator United Business Group, here at the FBR House, on Wednesday.
The FBR chairman assured the business community that the board will extend all possible cooperation to them and would make all possible effort to iron out the issues they face.
They congratulated the FBR chairman on his appointment and expressed their hope for new tax policy measures for facilitating the business community.
The representatives of the business community from Islamabad raised the issues of abolishing/amending section 8B of the Sales Tax Act 1990 to allow registered taxpayers to claim 100 percent input tax adjustment.
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Under the Section 8B of the Sales Tax Act, a registered person shall not be allowed to adjust input tax in excess of 90 per cent of the output tax for that tax period.
The proposal was made during budget preparation exercise for 2021-22, but not made part of the Finance Act 2021.
The second issue was related to the waiver of penal surcharge for overstayed goods in the warehouses.
A large number of goods were not exported and remained in the warehouses.
In this regard, they requested to grant one-year extension in the goods declarations that expired last year due to overstayed goods in the warehouses.
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They also requested the FBR chairman to ensure confidentiality while sharing of any kind of taxpayers’ data with the NADRA to avoid harassment.
The delegation extended their full cooperation for integration of all the non-integrated Tier-1 retailers within the jurisdiction of the Islamabad Capital Territory.
The FBR chairman assured that the all genuine issues would be duly addressed by the FBR after seeking input of all the stakeholders.
The FBR has implemented a new complaint redressal mechanism to address the complaints of taxpayers against corruption and rent-seeking.
The complaints would be opened, acknowledged, and treated as per law in a highly confidential manner. The identity of the complainants would be immediately masked and encoded to safeguard them against any undue consequences.
Copyright Business Recorder, 2021
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