Budget proposals sent by Islamabad Chamber of Commerce and Industry (ICCI) would be given due consideration as they would be helpful in finalizing the Federal Budget 2020-21, the Federal Board of Revenue (FBR) Chairperson Nausheen Javed Amjad has said, adding that the role of business community was important in the economic development of country and FBR would try to facilitate them in tax matters for business promotion.
Nausheen Javed expressed her views while talking to ICCI President Muhammad Ahmed Waheed, who called on her in office along with Malik Sohail Hussain, Chief Coordinator UBG, FPCCI in Islamabad on Thursday. Many tax related issues of business community that needed close attention of FBR for redress were discussed.
The FBR chairperson assured that the process of tax refunds payment would be accelerated to address the liquidity issues of business community.
On the occasion, Muhammad Ahmed said that due to the situation created by coronavirus pandemic, businesses and industries have suffered huge losses and in these conditions, FBR should play role to facilitate them in tax matters for revival of business activities. He said that ICCI have sent comprehensive and sector-wise budget proposals to FBR of various sectors including steel, cooking oil & ghee, steel re-rolling, real estate, furniture and others that should be included in the final budget to address their tax issues.
“Adjustment of tax refunds against payable taxes would provide good relief to business community at a time when businesses are suffering from the impact of COVID-19 pandemic,” he added.
The ICCI President further said that huge amount of income tax and sales tax refunds was pending with FBR due to which business community was facing liquidity issues and suggested that FBR should speed up the process of their payment or allow their adjustment against payable taxes.