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HYDERABAD: Chief Commissioner Inland Revenue of Federal Board of Revenue (FBR) Mohammad Farooq Azam Memon has said that Rs35bn tax were paid in Regional Tax Office (RTO) Hyderabad and expressed the hope that Rs44bn would be collected with cooperation of industrialists and traders in RTO Hyderabad in current fiscal year.

He was speaking to members of Hyderabad Chamber of Commerce and Industry (HCCI) on Tuesday. He held out an assurance to traders and business community that no injustice would be done with anyone and said that FBR aims to create a tax friendly environment.

He said recent rainfall had created problems in the country and said that climate change’s impact were being evidently felt globally. He said that conditionality of International Monetary Fund (IMF) and pandemic had led to price hike.

He urged traders to join digital system and make online compliance while adhering to documentation. He said that FBR would take notice when correct facts were presented. He said that tax department was directly linked with businesses.

He said that FBR believed in growth business and traders’ sector. He told businessmen that refund of traders and businessmen were being processed which would be finalized soon. Unfortunately, he said, full taxes were not paid on income. He urged businessmen to realize their responsibilities and said they should get themselves registered as POS.

HCCI president Adeel Siddiqui said that business activities were showing declining trend for past four months and FBR should take up cases of traders on merit. He said notices of traders should be withdrawn if they don’t fall in the tax net.

He thanked FBR that fixed retailer tax was withdrawn after business community’s protests. He, however, said that retailer sales’ imposition was good which could have led to a friendly relationship between FBR and traders. But, he said, its procedure of collection that tax was wrong and that needed to be changed.

HCCI president said in given conditions it was not easy to met target of Rs 7,000bn tax collection amidst countrywide floods devastations. He said that traders whose income was taxable should pay their taxes. He said traders wanted to pay taxes because it bolsters the economy and runs the country.

Ikram Rajput said that economic conditions were worsening and traders were busy in relief work for flood affected people. He said FBR should withdraw tax notices. He said HCCI had been revived and clean businessmen were joining it. Najmuddin Qureshi thanked the guests.

Copyright Business Recorder, 2022


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