FBR Corporate Regional Tax Office (CRTO) Karachi Chief Commissioner Aftab Imam has assured the business community of analyzing the issue of high turnover tax on yarn traders as compared to profit margins and looking into the possibility of restoring it back to 0.1% from 1.5% in the next budget. During his visit to KCCI, the chief commissioner said that FBR was seriously working on creating ease for the business community as the economy would only flourish when businesses flourished, which would automatically improve tax revenue for the country. He said that most of the issues being faced would be resolved in the next one and a half year. KCCI President Shariq Vohra pointed out that many members of the business community have been receiving bulk audit notices in which huge number of documents for six years old cases of 2014 were being demanded. The Chief Commissioner said that most of these were system generated notices, hence, the business community should not worry. Only the missing documents should be provided with a cover 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 sought business community’s assistance in identifying thoseMns of individuals who had been doing businesses of up toBns of PKRbut remained out of the tax net.
13/4/2021