The SVP of FPCCI elaborated that in pursuant to an amendment in section 148 (8) in I.T.O. 2001 as proposed by Finance Bill 2018 such commercial importers would now be required to file income tax return instead of filing of Statement under section 115 and as such would be subject to audit under section 177 of the I.T.O 2001. “The proposed amendment has created unrest among the Importers and they are very much disturbed” he added.
FPCCI has argued that it would open up the option to the tax collectors to further squeeze the taxpayers through audit and create demand. He added that it would encourage direct contact between a taxpayer and tax collector which is against the government policy as it promotes corruption and tax evasion.
Published in Daily Times, May 15th 2018.
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