ByThe new conditions introduced by the Federal Board of Revenue (FBR) through SRO 55 (i)/2025 have posed a significant challenge for traders due to a lack of awareness and the complexity of compliance requirements. These conditions mandate the filing of monthly stock statements, consumption data, and detailed purchase, sales, and stock reports, which are particularly difficult for small-scale traders to manage.
Business Community’s Concerns
Salim Vali Muhammad, Chairman of the Pakistan Chemicals and Dyes Merchants Association (PCDMA), has emphasized that while the business community supports economic stability and does not oppose the FBR’s initiatives, it is essential to ensure proper awareness and understanding before implementing new measures. This approach would prevent these requirements from being perceived as a burden and encourage cooperation in compliance efforts.
Challenges for Small Businesses
According to Vali Muhammad, the lack of awareness regarding the intricate requirements of SRO 55 (i)/2025 has made it challenging for small businesses and traders to file their monthly sales tax returns on time. Importers, traders, and wholesalers, who operate on low profit margins, are particularly affected, as they often cannot afford professional accountants or tax consultants to manage the complex reporting requirements.
Call for a Feasible Approach
To address these challenges, he urged the FBR to recognize the difficulties faced by the business community and allow adequate time for compliance instead of implementing the conditions immediately. Additionally, he suggested that awareness sessions be organized to facilitate traders in understanding and fulfilling the new requirements effectively.
Appeal for Stakeholder Consultation
In his appeal to the Chairman of FBR, Vali Muhammad stressed the importance of consulting stakeholders, including the business community, before imposing intricate conditions. A mutual consultation approach would lead to the development of a feasible compliance strategy that benefits both traders and regulatory authorities.
The Role of Collaboration in Economic Progress
The PCDMA Chairman underscored the significance of collaboration between the business community and government institutions, likening them to the wheels of the economic vehicle that drives national progress. Ensuring a smooth and cooperative compliance process will contribute to economic stability and growth.
