The govt. has barred the FBR from issuing notices from FY22 with the taxpayers enabled to carry out self-assessment. Finance Minister Shaukat Tarin said only 4 to 5% of the cases will be forwarded to audit that will be done by third party instead of the FBR. Tarin said this said addressing an online meeting with the office bearers of KCCI. Finance minister further said the govt. is focused on rationalising the turnover tax. He agreed that when 3% penalty is charged in case of unregistered persons, the CNIC condition should not be there. The minister directed the FBR to look into this matter and stop demanding CNIC from traders. On PKR 58Bn refunds pending under duty DLTL scheme, Tarin directed the FBR to expedite the clearance and barred it from collecting DLTL this year as it already owes huge amount. BMG Chairman Zubair Motiwala said Karachi showed 18% growth in exports despite the outbreak of COVID-19. The finance minister said he would take up the business community’s concerns about PKR 900Bn package allocated under PSDP for Karachi, which has not been finalized.
4/6/2021