Finance Minister urged to restore FTR Regime for Commercial Importers - FPCCI

Syed Mazhar Ali Nasir, Senior Vice President and Chairman Budgetary Advisory Council of FPCCI has urged Dr. Miftah Ismail, Federal Finance Minister and Tariq Mahmood Pasha, Chairman, FBR to restore the Final Tax Regime (FTR) option to the Commercial Importers and the income tax paid @6% at custom stage be considered as full and final discharge of their tax liability instead of considering it as Minimum Tax.

The SVP of FPCCI elaborated that in pursuant to an amendment in section 148 (8) in I.T.O. 2001 as proposed by Finance Bill 2018 such commercial importers would now be required to file income tax return instead of filing of Statement under section 115 and as such would be subject to audit under section 177 of the I.T.O 2001. “The proposed amendment has created unrest among the Importers and they are very much disturbed” he added.

FPCCI has argued that it would open up the option to the tax collectors to further squeeze the taxpayers through audit and create demand. He added that it would encourage direct contact between a taxpayer and tax collector which is against the government policy as it promotes corruption and tax evasion.