KCCI appeals to rectify tax anomalies

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) President Junaid Esmail Makda on Friday asked to rectify the various sales tax and income tax anomalies unveiled in the Federal Budget 2019-20.

He appealed Prime Minister Imran Khan, State Revenue Minister Hammad Azhar and FBR Chairman Shabbar Zaidi to rectify all these anomalies on priority prior to seeking approval of the budget from the parliament.

In a statement, the KCCI president stressed that the government must deal with all these anomalies, otherwise the industry would not be able to keep its wheels spinning, which would lead to raising unemployment and poverty.

The Karachi chamber also criticised the changed definition of cottage industry that now would be a manufacturing concern in a residential area with no industrial gas or electricity connection, with an annual turnover from all supplies not exceeding Rs2 million, instead of Rs10 million.

Similarly, several other proposed amendments in the law need revision and reconsideration. KCCI has also denounced discretionary powers proposed for commissioner Inland Revenue.

KCCI president has requested prime minister, all ministers and advisors that before presenting the budget in the parliament for approval, they should hold a consultative session with the chamber for rectifying the abovementioned budget anomalies.