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Restoration of FTR demanded

Business

May 15, 2018

KARACHI: An advisory council of the apex trade body has urged Finance Minister Dr Miftah Ismail and Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha to restore the final tax regime (FTR) option for commercial importers, a statement said on Monday.

The Budgetary Advisory Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said the income tax paid at therate of six percent at the Customs stage should be considered as full and final discharge of their tax liability instead of considering it as minimum tax, it added.

Syed Mazhar Ali Nasir, Senior Vice President and Chairman of the Budgetary Advisory Council of the FPCCI said that in pursuant to an amendment in section 148 (8) in ITO 2001 as proposed by the Finance Bill 2018, such commercial importers would now be required to file income tax returns instead of filing of statement under section 115 and as such would be subject to audit under section 177 of the ITO 2001.

“The proposed amendment has created unrest among the importers and they are very much disturbed,” he added.

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