New Tax Filing Rules Pose Challenges for Small Businesses: Bilwani

KARACHI: The recent changes by the Federal Board of Revenue (FBR) have made it nearly impossible for small businesses to file timely sales tax returns, according to Muhammad Jawed Bilwani, President of the Karachi Chamber of Commerce and Industry (KCCI).

According to a statement by Karachi Chamber of Commerce and Industry, Bilwani criticized the new requirements that mandate the filing of monthly stock statements, consumption data, and detailed purchase, sales, and stock reports. Many small-scale importers, traders, and wholesalers, who often lack the resources to hire professional accountants, are struggling to meet these demands.

Bilwani highlighted the existing challenges faced by the business community, including inflation, a tough business environment, and high tax rates. He expressed concern that these new compliance requirements add unnecessary burdens, discouraging investment and business operations, particularly in Karachi.

He urged the FBR to reconsider the abrupt implementation of these requirements, suggesting that a consultative approach with stakeholders would have been more effective. Bilwani proposed that the information be collected annually, providing businesses with ample time to comply.

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