FBR assures to clear all pending refunds of business community

FBR assures to clear all pending refunds of business community

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Islamabad: The Federal Revenue Board (FBR) will work to clear the backlog of all outstanding business community refunds. In addition, it is also working to develop a mechanism to promote the convenience and transparency of doing business.

FBR member (Tax Department) Dr. Muhammad Ashfaq Ahmed said in a speech at the business community of the Islamabad Federation of Industry and Commerce.

He visited ICCI with Zubair Khan Secretary Sales Tax, Nasir Janjua Chief IR Analyst FBR, etc. He said that ICCI should share a list of pending refunds and tax exemptions.

Dr. Ashfaq Ahmed said that the current decentralized tax system is not conducive to sustainable economic growth. The Federal Commercial Bank is working to develop a new tax system to reduce direct interaction and promote business. Convenience and transparency, thereby bringing convenience to taxpayers. This process will take 2-3 years, and the business community will appreciate it.

He said that the promotion of industry, trade and exports is the first priority of FBR, while income generation is the second priority, because promoting business will bring more taxes to the country.

The new tax system will end harassment of taxpayers, as direct interaction will be replaced by video link meetings of the hearing.

He said that the FBI will adopt an electronic audit policy to select the fewest cases for system audits and increase transparency. He said that all major cases have been transferred to the large taxpayer department, and the Regional Taxation Bureau will now handle small traders/enterprises that focus on news taxpayers.

He said that a corporate tax office will be established in Islamabad to handle corporate tax cases. He said that an agreement will be reached with traders/retailers again to resolve their concerns and make both parties accept it.

However, he said that POS has become a reality and the business community should cooperate in the implementation process. He promised to take care of all important tax issues in the corporate world and provide them with convenience.

ICCI President Muhammad Ahmed Waheed (Muhammad Ahmed Waheed) said at the meeting that when the business community pays 100% of the input tax in accordance with Article 8B of the Sales Tax Law, they should pay the output tax based on the output tax. A 100% adjustment, because the 10% input tax not withheld is reasonable under these difficult conditions.

He said that the refund case in 2009 is still under trial, and he emphasized that all refunds should be automatically settled in a timely manner. He urged the development of a unified exemption policy and extended the final date for POS installation to December 31, 2020.

He also urged FBR to reduce the 1.5% turnover tax on the steel industry, which has accumulated tens of thousands. In addition to exempting manufacturers from the withholding obligations of Sec-236G and Sec-236H, they can fully focus on promoting business activities.

He said that the personal/AOP turnover threshold was raised to 100 million rupees to make it a withholding agent, and emphasized that private limited companies with a turnover of less than 100 million rupees should also be given the same preference. He said that the Federal Commercial Bank should develop simplified tax returns to facilitate taxpayers.

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