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Tuesday May 21, 2024

Taxpayers fail to claim exemption

By Our Correspondent
March 11, 2020

KARACHI: Taxpayers are unable to avail tax exemption on the import of raw materials and plant and machinery, as online system of the Federal Board of Revenue (FBR) is denying such claims.

Karachi Tax Bar Association (KTBA) highlighted this issue through a letter sent to Member Inland Revenue (Operations) on Tuesday. The tax bar said the taxpayers were facing difficulties while claiming exemption from income tax deduction on the import of raw materials and plant and machinery.

The exemption has been granted on the basis of auto generated online certificate through IRIS portal on the basis of annual quota allowed by the commissioner Inland Revenue, it said. However, for the last one week the date was not uploaded on WebOC portal.