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Tax Amendment Ordinance to promote trade & facilitate traders: FBR

ISLAMABAD, Pakistan: The Federal Board of Revenue (FBR) has said that through the Tax Amendment Ordinance, corrections have been made in laws to accommodate reasonable demands of traders.

In its press release issued on Saturday, the FBR said that since CNIC disclosure of every sale is a major requirement of law now, the traders were rightfully demanding a decrease in minimum tax rate as majority of taxpayers were earlier paying the minimum tax on grossly suppressed sales. In view to encourage correct declarations, the rate of minimum tax has been rationalized.

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Similarly medium sized traders have been absolved from their liability as withholding agent to increase ease of doing business.

The FBR said that the trade associations have committed to get all medium and large sized retailers registered with income tax. The association have also nominated their representatives to evaluate turnover of under declaring business and have also joined hands with FBR for dispute resolution in audits.

The federal board of revenue said that it considers that the future of taxation lies in collaboration with taxpayers as opposed to confrontation. It is likely that this arrangement will achieve a win-win situation for traders and FBR in achieving goals of documentation and reasonable taxation without creating fear and distorted economic behaviour.

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Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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