FBR to finalise fixed tax regime after consultation

Seeks proposals from chambers, trade bodies, general public

RAWALPINDI: The proposed draft of the fixed tax regime would be finalised after consultation with the stakeholders, announced Federal Board of Revenue (FBR) Chairman Shabbar Zaidi.

He was talking to a delegation led by Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem at the FBR House, Islamabad, on Friday.

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The FBR chairman said the major aim of the draft was to seek proposals from the stakeholders - chambers of commerce, trade associations as well as the general public - for any modification in the scheme.

"The FBR believes in partnership with the business community," he remarked, adding that widening of the tax base had been FBR's top priority.

Amendments would be made after due consultations with the traders and business community in order to facilitate the taxpayers, said Zaidi.

During the meeting, detailed discussions were held on fixing retail prices of auto parts, imposition of sales tax as per size of shops, issues pertaining to furniture industry, withdrawing paint industry from the Third Schedule and a proposed scheme for the cottage industry.

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"Consultations are being held with the jewellers for data collection, taxes and collection of receipts and we are hopeful that amendments will be finalised at the earliest," he said, adding Pakistan could not move forward without documentation of the economy.

Speaking on the occasion, RCCI President Malik Shahid Saleem said, "Traders are not against tax collection; we all have a common voice that harassment of traders in the name of tax collection must be stopped."

He suggested that the government must adopt a comprehensive strategy for broadening the tax net rather than burdening the existing taxpayers. Traders are facing multiple challenges in the wake of a new tax regime and amendments made for documentation of the economy, especially the imposition of sales tax at the import stage, retail prices and CNIC condition.

The RCCI president demanded that the proposed draft of the fixed tax regime must be finalised after consultation with the business community. "We believe that every citizen has to play their role in improving economic condition of the country," he added.

Published in The Express Tribune, August 3^rd, 2019.

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