KARACHI: Karachi Chamber of Commerce has given a package consists of suggestions regarding the issue of withholding tax to the policy makers. According to the suggestion, the non-filer would be bound to deposit Rs.20,000 as income tax along with the return.
It is suggested to increase the tax percentage gradually by 25 % annually and the acceptance of this suggestion, traders will not be exempt only from withholding tax but also get exemption for three years from audit.
President, chamber of Commerce, Karachi has asked FBR to avoid any kind of income tax audit and also no unnecessary questions should be asked after getting the income tax return on some limited investment and turn over. The circle of this facility should also be extended to the current tax payers.
Karachi chamber has also suggested to exempt commercial importers from sales tax audit who are already paying 3 % withholding tax along with 17 % GST.