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Revenue Board may extend tax payment period to 180 days

KARACHI (January 15 2003) : The Chairman, Central Board of Revenue (CBR), Riaz Ahmed Malik, has assured the business community that they will be given sympathetic consideration and time period for payments of taxes would be extended to 180 days.

He said this while discussing various issues with regards to Section 73 of the Sales Tax Act at a meeting with the Chairman, Pakistan Hosiery Manufactures Association (PHMA), Zubair Motiwala; President, Karachi Chambers of Commerce and Industry (KCCI), Shaukat Iqbal; and the Chairman, Site Association of Industry (SAI), Haroon Farooki, in Islamabad.

The member, Sales Tax, CBR, Muhammad Ramzan Bhatti, was also present at the meeting.

Riaz Malik agreed with the argument of the trade representatives that there was no loss of the government revenue in granting extension of 180 days.

About the SRO 575, the CBR Chairman, after long and exhaustive discussion with the trade representatives, was convinced that submission of records of inventory in actual (goods in process) was impossible.

After arriving at different conclusions, it was finally decided that, henceforth, the record of stock position of main store, ie record of stock inventory, would be required for the purpose of only refund, while the record of goods or raw material in process would not be required for filing refund claims for verification.

However, thorough inventory records would be essential at the end of year only.

The CBR chairman further assured the trade that there would be no delays in the processing of claims on the pretext of inventory records of goods in process and minor differences would be accepted.

About the issue of list of flying and fake invoices and optimistic development, which resulted in the meeting, it was decided that the CBR would, henceforth, provide on its Website a positive list of tax payers to facilitate the members of the trade and industry to check and verify the names of positive tax payers.

Thus the positive list of taxpayers would be available on its website in a day or two.

The trade and industry representative also held a meeting with the Auditor-General of Pakistan, Yunus Khan, with regards to the DRRA.

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