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Shaaban 18, 1440 A.H.
April 24, 2019

FBR requested not to send notices, demand Annual Turnover Tax to PYMA members

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has requested the Federal Board of Revenue (FBR) to issue necessary instructions to all RTOs to refrain from sending notice for demanding the unjust Annual Turnover Tax to members of Pakistan Yarn Merchants Association (PYMA) till the issue is resolved as the Annual Turnover Tax, which was 0.1 percent, was inadvertently being charged at 1.0 percent. In a letter sent to Member (Inland Revenue-Policy) FBR, Dr. Hamid Ateeq Sarwar, President KCCI referred to a meeting between KCCI delegation and FBR authorities held recently at FBR House in Islamabad in which this particular issue was also thoroughly discussed with Member IR-Policy and other officials who assured to resolve the same in due course but no correction has been done so far in SRO333 (1)/2011.While reiterating that Inland Revenue-Policy department and RTOs should not issue further notices, he said that PYMA members have been receiving notices for Annual Turnover Tax which have to be suspended till the FBR makes necessary amendment.