Federal budget: Briefing given about recent amendments enacted in sales tax

FAISALABAD: Reservations about different clauses of federal budget including SRO-350 were to be highlighted before the approval of budget 2024-25 so that efforts could be made well in time to settle the issues through Anomaly Committee, said Dr Khurram Tariq, President Faisalabad Chamber of Commerce and Industries (FCCI).

He was addressing the FCCI Standing Committee on Liaison with FBR in which briefing was given about recent amendments enacted about the sales tax. He said that a meeting of FPCCI is scheduled to be held within the next couple of days and he would try to present these issues in it.

Earlier Convener SC Chaudhary Talat Mehmood said that SRO-350 was issued in March before the presentation of federal budget. He said that now problems have started surfacing after its practical implementation which have perturbed the entire business community.

He further said that the basic objective of this SRO was to check the problem of fake invoices but manufacturers are facing its direct brunt as it has become impossible for them to file their sales tax return in time. He said that manufacturers could not file their return unless the sellers file its return along with details of tax deduction.

He also mentioned Article 17 which allows independence to do business but this SRO is contrary to the spirit of this article. He further said that all traders excluding manufacturers have been barred from declaring the volume of their business not more than five times of their actual investment. He appreciated the declaration of biometric as mandatory for sale tax as it would play a key role in checking fake invoices.

Copyright Business Recorder, 2024