KARACHI: Karachi Tax Bar Association (KTBA) has suggested to the Federal Board of Revenue (FBR) to direct all banks/insurance companies/port terminal operators and other bulk-seller to immediately discontinue the practice of bulk-sale input for registered persons in the sales tax return.
In a letter sent to the chairman FBR, the KTBA stated despite giving assurance to resolve the anomalies in monthly sales tax returns by the board, the practice of declaration of a bulk sale by the banks/insurance companies/port terminal operators and other bulk-seller is still continued. Consequently the registered persons are unable to claim their legitimate input tax adjustment.
Keeping the said in view, the KTBA has suggested to the Federal Board of Revenue (FBR) to direct all banks/insurance companies/port terminal operators and other bulk-seller to immediately discontinue the practice of bulk-sale input for registered persons in the sales tax return.
Copyright Business Recorder, 2021