KARACHI: President of the Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh has urged the Federal Board of Revenue (FBR) to urgently reconsider SRO 350(I)/2004, emphasizing its unresolved status has created a “hotchpotch situation” for and confusion among businesses.
In a letter addressed to Chairperson of the FBR Malik Amjed Zubair Tiwana, the president of the KCCI highlighted the pressing need for dialogue with stakeholders to address the contentious issues arising from SRO350. Sheikh requested Chairperson Tiwana to visit the KCCI in Islamabad for direct consultations or arrange an online meeting if immediate travel is not feasible.
Sheikh expressed grave concern over the operational disruptions caused by SRO350, noting that even utility service providers such as Sui Southern Gas Company (SSGC) and K-Electric faced challenges in timely filing their sales tax returns due to the complications caused by SRO350.
He noted that SRO350 imposes stringent requirements linking buyers’ tax compliance with suppliers’ adherence, potentially destabilizing the entire supply chain. Sheikh warned that failure to rectify these issues promptly could lead to severe repercussions across various sectors, including halting exports of livestock, meat, fish, and agricultural products. “Such a scenario could severely impact businesses across every tier of the supply chain, bringing operations to a standstill”, he added.
The requirement in SRO 350(I)/2024 for additional balance sheet submissions and its implications on previously filed tax data have exacerbated concerns within the business community, Sheikh added. He emphasized that these complexities, coupled with unreasonable sales tax liabilities, intensify challenges for businesses already navigating a difficult economic landscape.
The president of the KCCI urged swift action from the FBR to mitigate these issues, stressing that delays could exacerbate uncertainty and undermine business operations at a critical juncture.
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