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FBR to start implementation of accord with traders from next week: Shabbar Zaidi

FBR to start implementation of accord with traders from next week: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that FBR will start process of implementation of agreement with traders from next week.

The FBR chairman in a tweet said that “FBR is pleased to announce that process of implementation of agreement with traders will start next week. Committees represented by the traders of each/market, covering the whole country will be notified. Traders and FBR will work together for registration. A new beginning.”

Earlier, Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has assured business community that no raids would be conducted on registered tax payers for income tax or sales tax purposes.

During a meeting with a delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI) on November 29, 2019 he sought help and cooperation from traders in addressing menace of smuggling.

On the occasion, Saboor Malik shared and apprised the FBR Chairman about the concerns of the business community. The RCCI president said that national economy is passing through difficult times and we required better partnership with the FBR in joint efforts towards revival of the economy. He said that such raids and closure of business centers propagate negative message in the markets.

It also hurt the honor, respect and goodwill of the business center and market as well,he added. RCCI President said that actions and raids at business center must be stopped on the account of smuggled goods. FBR Chairman assured traders that powers of penalties would be given to higher authority not below than Member FBR, who would evaluate the authenticity and then give permission if required. ” Turnover tax will be reduced to small traders and businessmen on case basis and its threshold will be increased.

Hajj Companies payment to Saudi Arabia under section 152 will be evaluated and exempted from withholding tax”, he added.