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KARACHI: KCCI Vice President Junaid Esmail Makda in a letter to the Federal Board of Revenue (FBR) said applicability of new Sales Tax and Federal Excise return should be deferred.
Notification envisages application of amended return from July 2011. In a statement Tuesday he said changes, such as requirement of CNIC, HS Code, monthly closing, stock reconciliation, if needed, should only be applicable from next tax period after amendment is made in consultation with stakeholders.
KCCI firmly believes that any cumbersome or superfluous changes in Sales Tax & Federal Excise Return shall not only increase cost of doing business but will also result in decreasing sales volume and consequently Sales Tax collection by FBR. Over 60% revenue collection made by FBR is through indirect taxes and Sales Tax constitutes a major fraction.
He assured KCCI members, business, trade community that KCCI is actively pursuing Sales Tax Return issue and is in close liaison with FBR officials to rectify all problems. Extension in filing of return and depositing sales tax liability has been granted by FBR.
