“The proposed bill also allows existing taxpayers to bring into the books undisclosed/undeclared income by paying a nominal amount of tax,” says Masood.
The Institute of Chartered Accountants of Pakistan (ICAP) said on Thursday that it opposes the Tax Law Amendment Bill, 2012, which has recently been approved by the National Assembly’s Standing Committee on Finance.
ICAP Taxation Committee Chairman Saqib Masood said in a statement that the passage of the bill by parliament will allow non-taxpayers to register with the Federal Board of Revenue by paying a nominal amount of tax on their undisclosed income. “The proposed bill also allows existing taxpayers to bring into the books undisclosed/undeclared income by paying a nominal amount of tax,” he noted, while registering his opposition to the move.
ICAP is opposed to ad hoc means of revenue generation, such as tax amnesties or presumptive tax regimes, the statement quoted him as saying. “These initiatives have never helped broaden the tax base in the country. Rather, these have encouraged tax evaders.”
Published in The Express Tribune, March 8th, 2013.
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I believe that those bodies who avoid law should not comment on FBR Taxation issues. ICAP should try to fix their home first. Because whatever ICAP say is not credible and should not be acted upon.
I believe that those bodies who avoid law should not comment on FBR Taxation issues. ICAP should try to fix their home first. Because whatever ICAP say is not credible and should not be acted upon.