The Pakistan Tax Bar Association (PTBA) has formally urged the Chairman of the Federal Board of Revenue (FBR) to revise SRO No.350(I)/2024, particularly concerning the corporate sector. They argue that the current SRO could potentially disrupt economic activity and have adverse effects on tax collection.
In a letter addressed to the FBR Chairman on Thursday, the PTBA expressed its recognition of the importance of digitalizing the taxation system and commended the FBR’s efforts in this regard. However, upon reviewing SRO No. 350(I)/2024 issued on March 07, 2024, the association identified certain fundamental issues that need attention.
The PTBA highlighted several concerns and observations for consideration. Firstly, they pointed out the requirement for filing a balance sheet within 30 days for individuals, associations of persons, and companies with only one shareholder or member, excluding the manufacturer. They argued that this provision could be streamlined with existing practices to avoid unnecessary duplication.
Secondly, the PTBA suggested an amendment to Rule 18, which currently mandates permission from the Commissioner for taxpayers with turnovers exceeding five times their capital. They emphasized the need to consider various modes of business activities and external factors that may influence turnover, proposing a more flexible approach in assessing compliance.
Lastly, the association proposed a revision to the new proviso added in Rule (30), which requires prior approval from the Commissioner for issuing credit notes. They recommended a shorter timeframe for obtaining approval to align with existing deadlines for sales tax filing returns.
In conclusion, the PTBA called upon the FBR Chairman to make necessary amendments to SRO No.350(I)/2024. They emphasized the importance of facilitating compliant taxpayers and ensuring a smooth implementation process without unnecessary complications. For the latest Real Estate News , visit Realtorspk blogs.
