Treasure Magazine

Treasure Magazine

KCCI’s Budget Proposals 2021-22 to highlight higher sales tax and duties

2 min read
KISMA
KCCI further assured that Sales Tax, CNIC condition and other critical taxation issues being faced not only by the Iron & Steel sector but also by many other sectors of the economy

KARACHI: Karachi Chamber of Commerce and Industry (KCCI’s) Proposals for Federal Budget 2021-22 will certainly be highlighting the issues pertaining to higher Regulatory Duty, Customs Duty & Additional Customs Duty, said Shariq Vohra.

In a meeting with the members of Karachi Iron & Steel Merchants Association (KISMA) delegation, he further assured that Sales Tax, CNIC condition and other critical taxation issues being faced not only by the Iron & Steel sector but also by many other sectors of the economy so that the government could pay attention to these pressing issues and accordingly announce relief in the next budget.

 “We are well aware of all these issues and the impact on your businesses hence, we will fully support all your demands and make all-out efforts to get these issues amicably resolved”, he added.

Chairman KISMA Haji Ghulam Muhammad led the KISMA delegation.

Shariq Vohra said that KCCI has always opposed the CNIC condition, particularly after the outbreak of COVID-19 pandemic as it was terribly affecting all the businesses. KCCI fully supports KISMA’s demand to waive three percent further tax as registered persons should not be penalized for the failure of unregistered persons.

He stressed that the government will have to focus on providing a tax-friendly and business-friendly environment by facilitating the business community and devising policies after consultation instead of penalizing and squeezing registered persons and imposing anti-business policies. “

It is high time that the business community is provided an enabling environment in which taxpayers must be fully facilitated which is the only way to bring the unregistered persons into the tax net otherwise they will continue to shy away from the taxation system”, he added.