MULTAN: The Federal Board of Revenue (FBR) faces a barrage of criticism as the implementation of new provisions in sales tax laws disrupts the return filing process for March 2024, raising concerns among taxpayers and experts alike.
Tax experts anxiously await clarification from the FBR on several provisions, deemed impractical for seamless return filing, following the introduction of amendments through SRO 350 of 2024 on March 7.
Despite the FBR’s recent extension of the filing deadline until April 22, skepticism persists regarding the resolution of issues without explicit guidance from the revenue authority.
Key observations and concerns raised by taxpayers include the requirement for filing balance sheets within 30 days, with taxpayers arguing for streamlined processes considering balance sheet submission along with income tax returns.
Rule 18’s stipulation for seeking permission from the Commissioner if turnover exceeds five times capital has also drawn ire, with taxpayers advocating for amendments to account for various business activities impacting turnover.
Moreover, apprehensions mount over the new proviso added to rule 30, sub-rule 3, necessitating prior approval from the Commissioner for issuing credit notes, prompting calls for a streamlined approval process within seven days to align with filing deadlines.
Taxpayers urge the FBR chairman to issue directives for appropriate amendments to SRO 350 of 2024, emphasizing the importance of enabling compliant taxpayers to navigate the amendments effectively.
As the deadline for filing sales tax returns approaches, stakeholders await definitive guidance from the FBR to navigate the complexities introduced by the amendments, ensuring transparency and compliance in the tax regime.
