Inclusion: Non-filers urged to come in tax net
Government is working to develop an integrated database that will help in identifying all potential taxpayers
Government is facing a massive difference of Rs1.7 trillion between revenue and expenditure and it is ready to give more incentives. CREATIVE COMMONS
ISLAMABAD:
Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan has asked non-filers to file their tax returns of 2014 and get exemption from the withholding tax on their banking transactions.
Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI), he said that the government has adopted a soft approach on withholding tax and it is a good opportunity for non-filers to declare their hidden assets, sales and turnovers.
Khan said those traders who are conducting legitimate business operations should become part of the formal sector. He added that the government is facing a massive difference of Rs1.7 trillion between revenue and expenditure and it is ready to give more incentives in consultation with the business community to bring non-filers into the tax net in a bid to improve the tax-to-GDP ratio.
According to Khan, the government is working to develop an integrated database that will help in identifying all potential taxpayers. However, it intends to improve tax collection by taking stakeholders on board.
In his welcome address, ICCI President Muzzamil Hussain Sabri, said that the FBR should immediately halt raids on business premises and forced debits from bank accounts should also be stopped forthwith because such tactics are creating an environment of harassment. He stressed that the government should address concerns of traders on the withholding tax deduction and consult stakeholders including the business community before taking such measures in the future.
ICCI Senior Vice President Shakeel Munir and Vice President Ashfaq Hussain Chatha stressed upon the need of timely return of sales tax refunds as billions of rupees of taxpayers refunds are stuck up with FBR creating cash flow problems for them.
Published in The Express Tribune, August 16th, 2015.
Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan has asked non-filers to file their tax returns of 2014 and get exemption from the withholding tax on their banking transactions.
Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI), he said that the government has adopted a soft approach on withholding tax and it is a good opportunity for non-filers to declare their hidden assets, sales and turnovers.
Khan said those traders who are conducting legitimate business operations should become part of the formal sector. He added that the government is facing a massive difference of Rs1.7 trillion between revenue and expenditure and it is ready to give more incentives in consultation with the business community to bring non-filers into the tax net in a bid to improve the tax-to-GDP ratio.
According to Khan, the government is working to develop an integrated database that will help in identifying all potential taxpayers. However, it intends to improve tax collection by taking stakeholders on board.
In his welcome address, ICCI President Muzzamil Hussain Sabri, said that the FBR should immediately halt raids on business premises and forced debits from bank accounts should also be stopped forthwith because such tactics are creating an environment of harassment. He stressed that the government should address concerns of traders on the withholding tax deduction and consult stakeholders including the business community before taking such measures in the future.
ICCI Senior Vice President Shakeel Munir and Vice President Ashfaq Hussain Chatha stressed upon the need of timely return of sales tax refunds as billions of rupees of taxpayers refunds are stuck up with FBR creating cash flow problems for them.
Published in The Express Tribune, August 16th, 2015.