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October 21, 2020

FBR agrees to extend date for filing Form H

Business

October 21, 2020

KARACHI: The Federal Board of Revenue (FBR) has agreed to allow an extension in date for filing annexure-H (stock position) for the convenience of traders, a statement said on Tuesday.

Member In-land Revenue (Operation) Dr Muhammad Ashfaq Ahmed gave the assurance during a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar, the statement said.

Ahmed agreed to extend the number of days to file Form ‘H’ from 120 to 180. However, he asked those associated with trade and industry to catch up with the FBR’s automation so they were compatible with the latest technology.

Admitting to the adverse effects of the CNIC condition, Ahmed said it had further reduced transactions and thus the FBR’s revenue. The FBR so far has resolved the CNIC issue with the retailers, but the condition would remain applicable on some stages, he added.

FPCCI president lauded the FBR for achieving its targets despite the tough circumstances under the COVID-19 pandemic, and admitted that the release of refunds had slightly improved the liquidity of the industries.

Industry had to pay taxes and salaries during the period even though labour was idle and machinery stalled. “Irrespective of gain or loss, businesses have to pay 1.5 percent tax,” he said, reminding that the issue was unresolved despite discussion with the PM’s adviser and FBR chairperson. The FBR had come up with FASTER, to release refunds within 72 hours, but practically refunds were still not being released within the stipulated time. The president demanded to assign a focal person to deal with FASTER-related affairs. He also raised a question on shifting of final tax regime to minimum tax and asked to reverse it.

NTC should deal with the issue of raw material that previously were under the 12th schedule, he said, demanding to restore SRO 1125.

Speaking on the issue of audit at different tiers, he asked the FBR to minimise the stages/tiers of audit. “Uniform rate of tax on iron and steel flat products, and issue of audit (was still) being faced by trade and industry,” he added.