Wednesday, June 23, 2021

FPCCI issue will be solved in budget 2021-22: FBR

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Each template in our ever growing studio library can be added and moved around within any page effortlessly with one click. Combine them, rearrange them and customize them further as much as you desire. Welcome to the future of building with WordPress.

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The President of the Federal Board of Revenue (FBR) ensured that the issues raised by representatives of the Federation Pakistan Chamber of Commerce and Industry (FPCCI) will be solved in the next Budget 2021-22.

FPCCI presented a set of proposals to the FBR to bring unregistered entrepreneurs to the tax network, including a fixed tax regime for retailers, abolition of additional sales taxes, suspension of the CNIC condition until the expansion of the tax base, and discontinuation of energy/gas connections of unregistered commercial and industrial units.

President FBR also ensured consideration of FPCCI proposals in the next budget, said a press release issued by the FBR.

An FPCCI delegation led by its president Nassar Hyatt Magoo met with the president of the Federal Board of Revenue (FBR), Asim Ahmad, at the headquarters of the Federal Revenue Council (FBR).

An FPCCI delegation led by its president Nassar Hyatt Magoo met with the president of the Federal Board of Revenue (FBR), Asim Ahmad, at the headquarters of the Federal Revenue Council (FBR).

The delegation presented its proposals to President FBR for inclusion in the next budget.

Issue Raised By FPCCI:

The delegation raised the issue of closing and not releasing vehicles at the Chaman border due to the dispute over rent between different government institutions.

They also informed the president about the difficulties faced by importers and exporters at the Kharlachi border, the Kurram agency.

To the 3 percent value-added sales tax on imports, the FPCCI requested that it be withdrawn on the import of industrial raw materials, to provide a level playing field for importers and the industry.

The FPCCI also requested the removal of additional taxes and the reduction of the minimum tax under section 113 for different sectors.

The delegation also raised the issue of increasing the tax on tea imports. The president of the FBR ensured the correction of the issues raised by the representatives of the FPCCI and ensured the consideration of the proposals in the next budget.

After the FBR House meeting, FPCCI Chairman Magoo told Business Recorder that the additional three percent sales tax on supplies to unregistered people is not expanding the tax network.

The FPCCI strongly recommended that the FBR completely overhaul the current award system in the budget (2021-22), as the process and award are being conducted by the same tax official.

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