December 28, 2023 (MLN): The Multan Chamber of Commerce and Industry (MCCI) has urged the Federal Board of Revenue (FBR) to grant a year-long grace period to businesses for training and adaptation before enforcing a new electronic invoicing system on sales tax under a recent Statutory Regulatory Order (SRO), as APP reported.

The demand was aired at the Taxation sub-committee meeting of MCCI chaired by its convener Khawaja Suhail Tufail.

MCCI president Mian Rashid Iqbal, SVP Nadeem Ahmad Sheikh, VP Asim Saeed Sheikh, and other members of the subcommittee were in attendance.

Khawaja Suhail Tufail said that businesses had serious reservations about the new electronic invoicing system on sales tax under SRO 1525-DI(I)2023 and appealed to the FBR to delay it, at least for a year, before it is enforced, so that they have ample time to be trained and prepared for its enforcement.

MCCI president Mian Rashid Iqbal said that FBR should consult business and Industry on business-related law drafts to avoid problems at the enforcement stage.

The SRO was introduced for sales tax on Fast Moving Consumer Goods (FMCG) through an electronic invoicing system linked with the FBR system, says veteran industrialist Khawaja Usman.

He added that troubles would surface at the initial stage and the absence of a mechanism for complaint redressal would further complicate problems for businesses and industries.

MCCI president Mian Rashid Iqbal, SVP Sheikh Nadeem Ahmad, and VP Asim Saeed Sheikh suggested that FBR should also establish fast fast-track complaint cell at the regional level.

They said, the business community was in favor of a documented economy but added that they were already facing problems on FBR systems PARAL and IRIS and suggested that in addition to delaying the enforcement of SRO for some time, fast complaints redressal mechanisms be introduced at regional tax office (RTO) level.

Copyright Mettis Link News

Posted on: 2023-12-28T16:39:28+05:00