Sales Tax Amnesty Scheme and restoration of Commercial importers immunity from audit appreciated- Shakeel Dhingra

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enewspaper.com.pk
enewspaper.com.pk

KARACHI (PR): Sheikh Shakeel Ahmed Dhingra, Vice President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has appreciated Syed Mumtaz Haider Rizvi, Chairman,  Federal Board of  Revenue (FBR) for acceding to FPCCI request and launching an amnesty scheme waiving default surcharge and penalty on an initial payment of 25 % of principal amount of illegally adjusted sales tax amount lying outstanding against the registered persons and withdrawing legal cases against them vide a SRO 774(I)/2012 dated June 27, 2012 issued today.

The FPCCI Vice President elaborated that Directorates of Intelligence and Investigation of Inland Revenue and Customs Intelligence, FBR has detected a scam of Rs. 20 billion in which some sales tax registered persons have either submitted fake input invoices or failed to deposit sales tax. Consequently, he added that about 400 FIRs were registered against those registered persons to recover the due amount of sales tax including penalty/fine/default surcharge, due to which panic was created among them and some of those registered persons also filed cases in different courts and with the tax Ombudsman.

The FPCCI Vice President disclosed that he held several round of meetings with the Chairman FBR in Islamabad as well as in Karachi with the view to end the rift between the registered persons and FBR, and finally FBR has accepted the FPCCI proposal and issued the SRO announcing amnesty scheme to facilitate the registered person.

Disclosing the salient features of the newly issued SRO, he said that 25% of the principal amount of illegally adjusted sales tax has to be paid by June 30, 2012 and the balance 75% would be paid in five equal monthly installments starting from August 31, 2012 to December 31, 2012. This would facilitate the registered persons in payment of their due tax liability voluntarily without harassment on the one hand and help the government in collection of revenue on the other hand.

He also thanked the Chairman FBR for agreeing in principle to restore the audit immunity for the commercial importers paying 3% value addition sales tax in advance at custom stage.