KTBA highlights anomalies in sales tax returns form
KARACHI: Tax practitioners have highlighted anomalies in the sales tax returns form, which is causing hardships for the taxpayers in filing their monthly returns.
The Karachi Tax Bar Association (KTBA) on Friday sent a communication to Asim Ahmed, chairman of the Federal Board of Revenue (FBR) on Friday and highlighted the difficulties of the taxpayers in filing monthly sales tax returns.
KTBA president Muhammad Zeeshan Merchant apprised the FBR chairman that practice of declaration of bulk sale by the banks/insurance companies/port terminal operators etc, is still in vogue. Due to this, the taxpayers are unable to claim their input tax adjustment.
The tax bar urged the FBR to direct all banks/insurance companies/port terminal operators and other bulk sellers to immediately discontinue the practice of bulk sale input in respect of registered persons in the sales tax return.
The KTBA also said the amendments brought through the Finance Act, 2021 have not been incorporated in the Sales Tax Act, 1990.
Merchant said that the last date to file the monthly returns for July 2021 is round the corner.
It is informed that with effect from July 2021, the listed companies have been excluded from the purview of application of Section 8B of the Sales Tax Act, 1990 (restricting input claim tax adjustment up to 90 per cent of output tax), which needs appropriate modification in the sales tax returns form.
The KTBA urged the FBR chairman to issue directives for updating the income tax return form in accordance with the amendments brought through the Finance Act, 2021.
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