Islamabad: The Federal Board of Revenue (FBR) has issued several important clarifications related to banking, invoicing and taxes, addressing the concerns of the business community, which is being described as a big relief for the business community.
According to the latest announcement, the FBR has made it clear that no tax will be deducted on deposits of up to Rs 2 lakh in the bank, which will greatly benefit small traders.
In the same meeting, the FBR also clarified that digital invoicing will be applicable only to B2B sales tax registered companies, while small traders and retailers will be exempted from it.
The FBR further said that no trader or industrialist will be arrested under sections 37A and 37B of the Sales Tax Act, as the purpose of these laws is only to prevent fake invoices.
The agency has promised that trader representatives will be included in the digitalization committee, and a new action plan will be formulated soon on the issue of raids in markets. FBR officials also hinted at consulting the business community for tax reforms on mobile phones.
Business leaders Kashif Chaudhry, Khawaja Salman Siddiqui, Sharjeel Mir and others participated in the talks and presented points based on their concerns.
