KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has suggested the authorities to conduct income tax audit once in three years. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) stated that through Finance Act 2019 powers of Commissioners Inland Revenue and the FBR have been restored to […]

KARACHI: The Federal Board of Revenue (FBR) has been suggested a drastic cut in duty and taxes on import of black to stop smuggling and increase revenue. The Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR said that consumption of black tea in Pakistan is 240,000 […]

Karachi Chamber of Commerce and Industry (KCCI) has proposed restoration of sales tax exemption on supply of solar panels and inverters. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR), stated that solar panels and inverters were earlier granted zero rated of sales tax. READ MORE: FBR suggested […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to allow automatic extension for filing Goods Declaration (GDs) where traders unable to file due to system glitches. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 informed the FBR that due to malfunctioning of the online filing system, Importers are […]

KARACHI: The Federal Board of Revenue (FBR) has been suggested to allow adjustment of withholding income tax collected at import of raw material against the actual liability. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted that by amendment to Section 148 of Income Tax Ordinance, […]

Karachi Chamber of Commerce and Industry (KCCI) has suggested the tax authorities to withdraw Value Added Tax (VAT) imposed on commercial importers in order to rectify anomaly in the law. The KCCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR) said that a three per cent value addition sales […]

KARACHI: The Federal Board of Revenue (FBR) has been urged to wave further tax where CNIC (Computerized National Identity Card) number is provided by unregistered supplier. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2022/2023 submitted to the FBR highlighted an issue stating an obvious anomaly is perpetuated by imposing 3 […]