- Pakistan Business Council (PBC) recommends abolishing Section 8B of Sales Tax Act
- PBC argues that eliminating this section would alleviate financial burden on industry
- Section 8B restricts companies from adjusting input tax in excess of 90% of output tax
- PBC suggests exempting listed companies and companies that reported losses in previous financial year
- PBC states that Section 8B does not result in revenue loss for government
- Abolishing Section 8B would streamline tax processes and reduce administrative burdens
- PBC’s proposal aims to support manufacturing sector and enhance economic stability in Pakistan
- Recommendations reflect broader call for tax reforms to support sustainable growth amid challenging economic conditions.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
