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Complications and irritants in the present tax systems need to be made addressed for capitalising on the available tax potential in the country. Complexities in the taxation systems keep on increasing with every budgetary exercise, possibly due to reduced consultations with stakeholders by the Federal Board of Revenue (FBR), said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former vice president MA Jabbar. ....
FPCCI holds webinar on tax regime Business March 16, 2021 KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday held a webinar on the present tax regime in collaboration with Policy Research Institute of Market Economy (PRIME). Economist Dr Ikramul Haq said he had designed a tax reform model that would bring paradigm shift in the taxation structure of Pakistan. Rate of tax should be flat, lower with broad tax base, he said, adding that taxpayers should not have to deal with multiple revenue and non-revenue agencies. “Presently, all broad-based and buoyant sources of revenue are with the federal government, and contribution of provinces in total tax revenues (Rs4,748 billion) for the fiscal year 2019-20 (11.4 percent of GDP) was merely 8 percent. All provinces together generated taxes of Rs414 billion and non-tax revenues of only Rs102 billion,” he explained. ....
FBR Asked to Abolish the Condition of CNIC on Sales in Next Budget Business and trade bodies have strongly recommended the Federal Board of Revenue (FBR) to abolish the computerized national identity card number (CNIC) condition on sales in the coming budget (2021-22). The issue of the CNIC was discussed during the meeting of Mian Nasser Hyatt Magoo, President Federation of Pakistan Chambers of Commerce and industry held with Chairman FBR along with senior officials from Customs and IRS. The members from different trade bodies invited the attention of FBR towards the CNIC condition on sale which is counterproductive to required sales tax collection as well as impede the industrial production and markets sales. Nowhere in the world CNIC or identity is asked from buyers, Pakistan is the only example set by FBR causing problems in business, in specific promoting the agitations on street by the agents of sales of produce, the conducting of small business be settled in peac ....