Shaban 10, 1429
August 13, 2008
KCCI seeks extension in deadline for Sales Tax Payment
Mr. Iftikhar Ahmed Sheikh, Senior Vice President, Karachi Chamber of Commerce & Industry (KCCI), while appreciating the extension in due date for filing of Sales Tax-Cum-Federal Excise Return, for the tax period July 2008, from 15th to 25th August, 2008 has urged the Chairman, Federal Board of Revenue to also extend the deadline for the payment of Sales Tax and Federal Excise amounts in bank, upto 25th August, 2008, and maintain uniformity in both dates to avoid confusion and facilitate taxpayers.
He argued that being a public holiday, the taxpayers would not be able to deposit their tax liabilities in bank and 15th August is Friday when many businesses are closed for half day.
The Chamber’s SVP recalled that the government through Finance Act, 2008 has made several changes and amendments in the law and procedures of Sales Tax such as increase in standard GST rate from 15% to 16%; introduction of a new composite Sales Tax and Federal Excise Return for all registered persons under which summary of purchases, imports, sales, exports and production data statements have been formed part of the return; mandatory e-filing of return for all, either corporate or non-corporate taxpayers; reduction in turnover for levy of sales tax on retailers etc., which are complex and complicated and as such most of the taxpayers, particularly the small traders, due to low education or computer literacy are facing difficulties in comprehending and implementing the new provisions.