Overseas Investors Chamber of Commerce and Industry (OICCI) has conveyed its concerns over tax anomalies in the budget proposals that may hamper investment and economic activity in the country.
In a letter to FBR Chairman Asim Ahmed, the OICCI said it had noted that the recent Finance Bill had imposed further tax at three percent on non-active taxpayers, even though there could be a difference between time of supply and filing of return.
Therefore, as per previous practice, the further tax should continue to be applicable on unregistered persons. In addition, the adjustment of further tax should also be allowed as admissible input tax.—Agencies
