Karachi Chamber Of Commerce & Industry (KCCI) President, Muhammad Saeed Shafiq has stated that on request of KCCI, the Federal Board of Revenue has extended the date of filing of return of July, 2011 upto 26th September, 2011. He informed that Mr. Muhammad Zubair Motiwala, former President KCCI met the Member Inland Revenue FBR in Islamabad and apprised the latter about the problems faced by business community for filing sales tax and federal excise return as per newly introduced form by FBR.
The Member Inland Revenue FBR besides extending date of filing of return of July, 2011 upto 26th September, 2011 also agreed for not furnishing the individual details of unregistered buyers and only the total sales will be required to be declared for the period of July and August 2011, while changes in the e-filing software of FBR will be done accordingly. Furnishing CNIC copy/number is under discussion.
Saeed Shafiq articulated that Karachi Chamber has also written to FBR that the applicability of the new sales tax and federal excise return should be deferred unless all the stakeholders including Trade Bodies, Associations and KCCI, being the largest Chamber of the nation and only representative of taxpayers contributing 70 per cent to the national exchequer, are consulted. The Chamber has also stated that changes, such as requirement of CNIC, HS Code and monthly closing and reconciliation of stock, if needed, should only be applicable from the next tax period after the amendment is made in consultation with the stakeholders.
Saeed Shafiq voiced that KCCI firmly believes that any cumbersome or superfluous changes in Sales Tax and Federal Excise Return shall not only increase the cost of doing business but will also result in decreasing the sales volume and consequently the collection of Sales Tax by FBR as well.