May 21, 2020: Chairperson Federal Board of Revenue Nausheen Javed Amjad on Thursday said that budget proposals sent by the Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration as they would help finalize the Federal Budget 2020-21.
She said this while talking to Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry who called on her in the office along with Malik Sohail Hussain, Chief Coordinator UBG, FPCCI.
Nausheen Javed assured that the process of tax refunds payment would be accelerated to address the liquidity issues of the business community.
She said the role of the business community was important in the economic development of the country and FBR would try to facilitate them in tax matters for business promotion.
Many tax-related issues of the business community that needed close attention of FBR for redress were discussed.
Muhammad Ahmed said that due to the situation created by COVID-19 pandemic, businesses and industries have suffered huge losses and, in these conditions, FBR should play a role to facilitate them in tax matters for the revival of business activities.
He said that Islamabad Chambers of Commerce and Industry have sent comprehensive and sector-wise budget proposals to FBR of various sectors including steel, cooking oil & ghee, steel re-rolling, real estate, furniture, and others that should be included in the final budget to address their tax issues.
Ahmed Waheed further said that a huge amount of income tax and sales tax refunds was pending with FBR due to which business community was facing liquidity issues and suggested that FBR should speed up the process of their payment or allow their adjustment against payable taxes.
He said that adjustment of tax refunds against payable taxes would provide good relief to the business community at a time when businesses are suffering from the impact of COVID-19 pandemic.