Implications of SRO 603

THe Business community has already shown his concern that implementation of the said sro shall only increase business cost and not going to help the FBR in any way to generate any additional income as expected by them.

On the other hand the enforcement of SRO from June 25, 2009 has led to raised many queries which are yet to clarify by the FBR as detailed hereunder:

CLARIFICATION REGARDING SRO 603(1)/2009 DATED JUNE 25 2009

Federal Board of Revenue has clarified certain issues relating to SRO. 603(I)/2009 vide their letter dated 19th Aug 2009 which is reproduced hereunder for information and necessary compliance.
  

1)Applicability of the SRO

Clarification required –SRO No.603 (1) dated 25-06-2009

In the seminar held on 14^th July, 2009 organized by Karachi Chamber of Commerce & Industry in collaboration with Sales Tax Bar Association, the following Questions were raised relating to above SRO for which necessary clarification is required immediately as tax payers assessed withlarge tax payers unit have stopped the payments to small & medium suppliers.