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FBR mulls merging varied taxes into one for commerce, industries sector

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  • FBR seeking to merge varied taxes into one
  • Tax official says suggestions will likely be despatched to the Parliament
  • FPCCI involved over govt failure to seek the advice of predominant stakeholder

The Federal Board of Income (FBR) is in search of methods to merge varied taxes into one in a bid to simplify taxation system for commerce and industries sector, The Information reported on Tuesday.

Senior tax official, member Inland Income Division of the FBR, Ashfaq Ahmed mentioned the tax charges and assortment process is set by the parliament and the board has no authority to alter it however it’s mulling recommending modifying the procedures.

“We have achieved a record of tax collection by increasing the number of taxpayers this year,” Ahmed mentioned throughout a gathering with the office-bearers of the Federation of Pakistan Chambers of Commerce and Trade (FPCCI).

The board adopted a coverage to increase the date of submitting returns for a interval of 90 days from September to December final 12 months as an alternative of a number of brief extensions.

Ahmed mentioned the variety of revenue tax return filers might contact three million by the tip of this 12 months, including that the tax authority has constituted an anomalies committee to settle tax points. “I am personally working on it to improve the procedures”.

In the meantime, the FPCCI expressed considerations over the federal government’s failure to take them on board regardless of it being the primary stakeholder in income era.

The physique has proposed an FBR facilitation desk at its head workplace in Karachi to make sure coordination with the enterprise group.

“The complexity of tax on tax, additional tax, and advance tax is creating confusion and a difficult and lengthy process,” Nasser Hyatt Maggo, president of FPCCI mentioned. “All the basic exemptions are available for large enterprises. Small and medium enterprises should be facilitated to bring them into the tax net. Our members have many questions and all relevant problems should be revisited in consultation with FPCCI.” 

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