Karachi, Muhammad Kamran Arbi, President of the Site Association of Industry (SAI), has called for the immediate withdrawal of SRO-350 due to its ambiguous nature and the compliance difficulties it has created for businesses. As per the S.I.T.E Association of Industry, SRO-350 has led to significant challenges for companies, including the inability to file sales tax returns on time, resulting in undue financial burdens.
According to S.I.T.E Association of Industry, SSGC, a major public utility, failed to file its sales tax return for May 2024 on time because of the stipulations of SRO-350, causing a domino effect that affected a vast majority of industries. This has resulted in exorbitant sales tax liabilities and considerable distress among businesses. In response, SAI has requested the Federal Board of Revenue (FBR) to extend the filing deadline by an additional week to alleviate some of the pressure.
The SRO 350(I)/2024, issued in March 2024, has been a point of contention within the business community, which has struggled with its requirements and the consequent financial implications. The SAI President emphasized that the ongoing issues with SRO-350 were discussed during a meeting with the Prime Minister of Pakistan in April, highlighting the urgent need for policy adjustments to support the business sector during challenging economic times.
Arbi has urged the Prime Minister, as well as the Finance and Commerce Ministers, to take swift action to withdraw the SRO and ensure smoother operations for businesses that are currently facing severe challenges.