Budget proposal sent by ICCI for consideration: FBR – Business | Instant News


Last updated when May 21, 2020 5:54 p.m.

Nausheen Javed assured that the process of paying tax returns would be accelerated

ISLAMABAD (APP) – Federal Revenue Council Chair Nausheen Javed Amjad said Thursday that the budget proposals sent by the Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration because they would assist in completing the 2020-21 Federal Budget.

He said this when speaking with Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry who called him at the office together with Malik Sohail Hussain, UBG’s Chief Coordinator, FPCCI.

Nausheen Javed assured that the process of paying tax returns would be accelerated to address the business community liquidity problem.

He said the role of the business community was important in the country’s economic development and the FBR would try to facilitate them in tax matters for business promotion.

Many issues related to the business community tax that require FBR’s attention to compensation are discussed.

Muhammad Ahmed said that because of the situation created by the COVID-19 pandemic, business and industry had suffered heavy losses and in this condition, the FBR had to play a role in facilitating them in tax matters for the revival of business activities.

He said that the Islamabad Chamber of Commerce and Industry has sent comprehensive and sector-based budget proposals to FBR from various sectors including steel, cooking oil & ghee, steel rewinding, real estate, furniture and others that must be included in the final budget to address tax issues they.

Furthermore Ahmed Waheed said that a large amount of income tax and sales tax refund was deferred with FBR because the business community faced liquidity problems and suggested that FBR should speed up their payment process or allow their adjustment to the tax payable.

He said that adjusting tax returns to the tax payable would provide good assistance to the business community when businesses suffer the effects of the COVID-19 pandemic.

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