Wealth statements: Small businesses seek exemption

UNISAME urged FBR to exempt SMEs having annual income of less than Rs2.5 million from filing wealth statements

KARACHI: The Union of Small and Medium Enterprises (UNISAME) has urged the Federal Board of Revenue (FBR) to ease the burden on SMEs and exempt small businesses having annual income of less than Rs2.5 million from filing wealth statements along with income tax returns. President UNISAME Zulfikar Thaver said that major amendments were made through Finance Act 2013 making it mandatory to file annual return of income along with wealth statement for all those salaried individuals whose salary exceeds Rs400,000 annually.

Published in The Express Tribune, October 24^th, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.