Chief Commissioner Corporate Regional Tax Office (CRTO), Dr Aftab Imam has assured business community of analysing the issue of higher turnover tax on yarn traders as compared to the profit margin and look into the possibility of restoring it back to 0.1 percent from 1.5 percent in the next budget.
The assurance was given by the chief commissioner at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI) which was attended by President KCCI M Shariq Vohra and others.
The chief commissioner CRTO mentioned that FBR is seriously working towards creating ease for the business community as the economy would only flourish when the businesses flourish that would automatically improve the tax revenue for the country.
In response to concerns expressed over multiple audit notices for six years old cases being received by the business community, he said that FBR was well-aware of this issue and it has been observed that most of them were system generated notices; hence, the business community should not worry as FBR is trying its best to resolve this issue.
“There is no need to re-submit those documents again at the FBR which have already been submitted for audit and only the missing documents should be provided with a covering letter in which it should be clearly mentioned that the following relevant documents have already been provided while the missing documents are being sent”, he added.
He further sought business community’s assistance in identifying those millions of individuals who have been doing businesses of up to billions of rupees but they remain out of the tax net which was the basic reason for the exorbitant tax rates being suffered by the existing taxpayers.
Earlier, Shariq Vohra appreciated the dedicated efforts and prompt response by chief commissioner CRTO towards amicably resolving the FBR-related taxation issues being faced by the business community. “We hope that the FBR would incorporate the maximum number of recommendations given by KCCI in its budget proposals which have been recommended in the larger interest of the country”, he said.
“Our proposals for the upcoming Budget for FY 2021-22 carry pivotal importance and will have a positive impact on business and investment climate, ease of doing business and overall growth of the economy.”
He was of the opinion that taxpayers face immense hardships in getting petty issues resolved because of the unnecessary hindrances being created by FBR officials which not only fetches a bad image for the entire department but also discourages new individuals to come into the tax net which is a very issue that requires immediate attention.
Shariq Vohra pointed out that many members of the business community have been receiving bulk audit notices nowadays in which a huge number of documents for six years old cases of 2014 were being demanded which was not making any sense at all and it appears like an attempt to harass the business community.