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FBR Expedites Efforts to Finalise Fixed Tax Regime

FBR Expedites Efforts to Finalise Fixed Tax Regime
FBR Expedites Efforts to Finalise Fixed Tax Regime
FBR Expedites Efforts to Finalise Fixed Tax Regime
FBR Expedites Efforts to Finalise Fixed Tax Regime

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Friday said that the proposed draft of fixed tax regime would be finalised after consultations with stakeholders, and added that the FBR’s doors were open for the business community for the resolution of their issues.

Talking to a delegation led by Rawalpindi Chamber of Commerce (RCCI) President Malik Shahid Saleem at the FBR House, he said, “The draft for Small Shopkeepers Scheme under Section 99B of the Income Tax Ordinance, 2001 has been released for views and comments.”

The Federal Board of Revenue (FBR) on Thursday released the draft for Small Shopkeepers Scheme for four different categories with fixed tax rates ranging from Rs20,000 to Rs50,000 per annum on the basis of their size and locations. Zaidi said that with due consultations with traders and business community amendments will be made to facilitate tax payers and we always welcome recommendations from the business community.

During the meeting, detail discussion was made on fixing retail price for auto parts, imposition of sales tax on size of the shop, issues pertaining to furniture industry, withdrawing Paint Industry from Schedule III and proposed scheme for cottage industry. Consultations are being made with Jewellers for data collection, taxes and collection of receipts and we are hopeful to finalise amendments at the earliest. He said without documentation of economy Pakistan can’t move forward.

RCCI President Malik Shahid Saleem, on this occasion, said that traders are not against the tax collection as we all have a common voice that harassing traders in the name of collecting taxes must be stopped. He said Government must adopt a comprehensive strategy in broadening the tax base and tax net rather burdening the existing taxpayers.

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