Finance Minister urged to restore FTR regime for commercial importers
The proposed amendment has created unrest among the importers
(Web Desk) – FPCCI Senior Vice President (SVP) and Chairman Budgetary Advisory Council Syed Mazhar Ali Nasir on Monday urged Finance Minister Dr Miftah Ismail and FBR Chairman Tariq Mahmood Pasha to restore the Final Tax Regime (FTR) option to the Commercial Importers.
In a statemnet on Monday, he said that the income tax paid at 6 percent at custom stage be considered as full and final discharge of their tax liability instead of considering it as Minimum Tax.
The FPCCI SVP elaborated that in pursuant to an amendment in section 148 (8) in ITO 2001 as proposed by Finance Bill 2018, such commercial importers would now be required to file income tax returns instead of filing of statement under section 115 and as such would be subject to audit under section 177 of the ITO 2001.
“The proposed amendment has created unrest among the importers and they are very much disturbed” he added.
Syed Mazhar Ali Nasir said that 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 went on to say 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.
