The Karachi Chamber of Commerce & Industry (KCCI) has called upon the Federal Board of Revenue (FBR) to revisit a recent regulation, SRO 350(I)/2024, citing concerns and disruptions within the business community.
Key Points of the Dispute:
- Unresolved Issues: The KCCI president highlights unresolved aspects of SRO 350, leading to confusion and anxiety among businesses.
- Stakeholder Consultation Needed: The KCCI urges the FBR to engage in discussions with stakeholders to address concerns and find an amicable solution.
- Potential Impact on Supply Chains: The regulation’s linkage between buyer and supplier tax compliance is creating a domino effect, potentially disrupting supply chains if non-compliance occurs at any stage.
- Balance Sheet Submission Concerns: Businesses express apprehension about submitting balance sheets under SRO 350, fearing inconsistencies with previously filed tax returns and adding complexity to the compliance process.
Call to Action:
The KCCI president has requested the FBR chairman to visit Karachi or arrange an online meeting to address these pressing issues and prevent potential business disruptions.
Possible Future Implications:
- Depending on the outcome of discussions between the KCCI and FBR, the regulation could be amended, clarified, or even repealed.
- Businesses may need to adjust their practices to comply with any revised regulations.
