AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: The Pakistan Chemical and Dyes Merchants Association (PCDMA) has expressed concerns over the challenges faced by traders due to a new requirement imposed by the Federal Board of Revenue (FBR). The FBR’s SRO 55(I)/2025 mandates registered commercial importers, distributors, and wholesalers to declare their stock position in Annexure H1 with each monthly sales tax return.
PCDMA Chairman Salim Valimuhammad highlighted the confusion caused by the lack of clear instructions from the FBR. He noted that many traders submitted their March 2025 returns without Annex H1, leading to complications in declaring their opening stock for April, with delays persisting into June.
Valimuhammad reported receiving numerous complaints from PCDMA members unable to file their April 2025 returns. Traders were compelled to seek clarification from the FBR, which eventually permitted revised returns without altering Annex A or C or requiring commissioner approval. However, this resolution came too late for many traders.
PCDMA is advocating for the FBR to allow a 60- to 90-day grace period for traders to submit Annexure H1 post-filing. This proposal mirrors the 120-day period available to manufacturer-exporters.
Valimuhammad stressed the importance of consulting trade bodies before implementing such decisions. He emphasized the need for clear and timely communication to ensure compliance and prevent future issues.
The PCDMA continues to advocate for reforms to safeguard traders’ interests and streamline tax procedures, urging swift action to prevent further disruptions to business operations and revenue collection.