SCCI Objects to Proposed Changes to Income Tax Law
Gujrat: The Sialkot Chamber of Commerce and Industry (SCCI) has deemed the authority provided to the Inland Revenue (IR) authorities to cause the arrest of a taxpayer by amending section 203A of the income tax ordinance 2001 clause 5(67) of the fiancé bill 2021 to be undesirable and unjustifiable.
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SCCI President Qaisar Iqbal Baryar informed the concerned officials that an email conveying the business community’s concerns on at least three clauses of the finance bill 2021 had been sent to the Federal Board of Revenue (FBR).
Similarly, he stated that the five percent withholding sales tax on exporter companies’ purchases from unregistered persons should be eliminated with retroactive effect beginning on July 1, 2019, as the matter had already been raised with the FBR on multiple occasions and it was agreed that the tax would be eliminated.
However, he stated that no such adjustment had been included in the draught, which was a source of considerable concern for the exporters of Sialkot, who had reaffirmed their desire that the provision be removed through an amendment to the fiancé bill 2021.
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In addition, he stated that a delegation of SCCI has planned a meeting with the FBR chairman in Islamabad through the Special Assistant to the Prime Minister, Usman Dar, and that the mission will raise these problems with the chairman in order to eradicate the irritants.
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