KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has said that the recent requirement to file monthly stock statements, consumption data, and complex purchase, sales, and stock reports introduced by the Federal Board of Revenue (FBR) through notification 55(i)/2025 has made timely filing of monthly sales tax returns nearly impossible for small-scale businesses and traders.
In a statement issued, President KCCI, while strongly criticizing the complex filing requirements for stock details implemented by the FBR a few days ago, stated that the Karachi Chamber was facing increasing pressure from small traders and business owners regarding the issuance of SRO 55(i)/2025 which cannot be complied by many small-scale importers, traders, and wholesalers who cannot afford proper accountants or tax professionals due to their low profit margins. “They often operate with family-based manpower or a limited number of essential employees. The requirement to file detailed information on goods, including H.S. code-wise positions, purchases, sales, and balances in terms of quantity and value, is a daunting task”, he added.
President Bilwani stated that instead of simplifying tax compliance and record-keeping, the FBR continues to introduce new burdens for the already documented sector. The existing inflation, challenging business environment, high tax rates, and pressing law and order issues are already discouraging investment and business operations in Pakistan, particularly in Karachi. Rather than facilitating the business community, the increasing and unnecessary compliance requirements are harming it.
While strongly opposing the new filing requirements for complicated stock statements and production data and urging the Chairman FBR to address this pressing issue, Jawed Bilwani said that instead of abruptly implementing these requirements, the FBR should have consulted with the business community and other stakeholders. “A more feasible approach would be to require such information on an annual basis, allowing sufficient time for compliance instead of imposing it monthly”, he suggested.