Companies must improve accounting systems, Chief Commissioner Najeeb Memon

Chief Commissioner of Income Tax, Corporate Tax Office Karachi Dr. Najeeb Ahmed Memon has said that companies should improve their accounting system, if they take advantage of the facility of online cloud, taxation will also get easier. Not issuing any new notices in last 3 months, also improving audits, taking notice of complaints and harassment of business community. He expressed these views during a visit to the Korangi Association of Trade and Industry (KATI). President KATI Faraz-ur-Rehman, Deputy Patron-in-Chief Zubair Chhaya, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi, Standing Committee Chairman Tariq Malik, Former Presidents Masood Naqi, Danish Khan, Johar Qandhari, Commissioner Zafar Rafiq, Gardhari Mal Magwar, Naib Ali Pathan, Muhammad Aslam Marri, Maryam Habib, Rafiq-ur-Rehman and others were also present.

Chief Commissioner Dr. Najeeb Ahmed Memon added that doors are always open for industrialists including KATI, and if there is any problem, report to me or my commissioners immediately. He said that the biggest problem for us is the invoices for fake units. The business community should avoid using invoices for such fake units. Do not trade with suppliers you do not know or who are from an unrelated region.

Dr. Najeeb Ahmed Memon said that he wants to improve the tax system. Associations and other trade organizations pay special attention to research and development.

Earlier, KATI President Faraz-ur-Rehman said that the government continues to increase the burden on taxpayers Notices are issued and used to harass the taxpayer. People are already under the burden of indirect taxes, but the government fulfills its responsibility by imposing more burden on the business community, which is destroying the business. No steps are being taken by FBR to widen the tax net. Corruption increased by trapping industrialists and businessmen in the audit cycle.

President KATI said that refund payments are delayed, and it takes months for exporters to get their money back, which leads to capital shortages. Faraz-ur-Rehman said that KATI is ready for all possible cooperation if FBR provides facilities to the business community. He emphasized that the system should be made simple and easy so that businesses are not affected.

Deputy Patron-in-Chief Zubair Chhaya said that there is a double system of taxation in the country. The facilities available to tax evaders are differentiating between filers and non-filers. He said that the FBR targets only the existing taxpayer to achieve its target. 10-12 notices are received in a year, if a businessman is busy with audits all the time so when will they do business?

Former President Tariq Malik, chairman of the Standing Committee, said that Pakistan’s tax-to-GDP ratio of 9.2 percent is extremely low, compared to 28 percent in developed countries. Taxes are not implemented in most sectors of our country, so achieving the tax target is impossible. He said that with the help of NADRA widening the tax net is possible. The government should improve the tax system through consultation.

Former President Masood Naqi said that the textile sector is on the verge of collapse, and the cost of production is unbearable, but the government has imposed a super tax. He said that taxpayers are preferring to close the business. Investors are shying away from investing in the country in these difficult situations when the interest rate is skyrocketing. FBR needs to introduce a better tax system.

Photo Caption: KATI President Faraz-ur-Rehman presenting the shield to Chief Commissioner Income Tax, Corporate Tax Office Karachi Dr. Najeeb Ahmed Memon. Zubair Chhaya, Tariq Malik, Nighat Awan, Muslim Mohammadi and others are also present.

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