Islamabad: The Federal Board of Revenue (FBR) on Tuesday (November 15) assured traders of early clearance of their sales tax refund and readjustment of tax structure, news sources reported.
FBR Chairman Asim Ahmad gave the assurance during a meeting with the members of the Gujranwala Chamber of Commerce and Industry (GCCI). He said that the FBR is working tirelessly to bring more competent tax infrastructure that is equally acceptable for the traders. He said that the authority has issued more tax refunds this year compared to all previous years, which is encouraging. On the occasion, members of the business community highlighted the issues faced by their members, including early payment of sales tax refunds, the import of motor scrap, delays in the clearance of goods due to the State Bank of Pakistan’s (SBP) foreign exchange (FE) regulations, and a 100% cash margin restriction on the import of aluminium scrap.
It is important to note that FBR has asked all tier-1 traders and retailers to connect their sales invoices with the FBR-Point of Sales (POS) system to real-time track their income and tax. The traders have also raised their concerns related to the delays in sales tax returns that have been accumulating for many years.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
