PCDMA stresses need for awareness on new FBR compliance requirements

KARACHI: The Pakistan Chemicals and Dyes Merchants Association (PCDMA) has urged the need to raise awareness about the new conditions introduced by the Federal Board of Revenue (FBR) through SRO 55(I)/2025. These conditions require traders to file detailed monthly stock statements, consumption data, and complex purchase, sales and stock reports.

According to Salim Valimuhammad, chairperson of PCDMA, these new requirements pose a significant challenge for traders, particularly small-scale businesses, due to a lack of awareness. He said that while the business community supports economic stability and does not oppose the FBR’s initiatives, it is essential to ensure proper understanding of new policies before implementation. This would prevent traders from perceiving them as an undue burden and encourage compliance.

“The lack of awareness regarding the complex requirements for submitting stock details under SRO 55(I)/2025 makes it difficult for small businesses and traders to file monthly sales tax returns on time. This is especially challenging for importers, traders, and wholesalers who, due to low profit margins, cannot afford professional accountants or tax consultants,” he said.

He urged the FBR to acknowledge the difficulties faced by traders and, instead of enforcing immediate compliance, allow time for businesses to adapt. He also suggested that awareness sessions be conducted to help traders understand and meet the new requirements effectively.

Valimuhammad further stressed that rather than imposing complex conditions abruptly, the FBR should engage with stakeholders, including the business community, to develop a more feasible and cooperative approach to compliance.

He emphasised that the business community and government institutions are the driving forces of the economy. Therefore, economic progress depends on mutual cooperation. Without it, he warned, economic activity could stagnate, depriving the country of substantial revenue.