KARACHI: Pakistan Tax Bar Association (PTBA), a adumbrative anatomy of 30 Tax Bars of the country, on Thursday has apprenticed the Abbot for Finance, Revenue and Economic Affairs, Asad Umar, to anatomy Action Board on Tax Revenues and Civic Tax Authority.
In a letter beatific to the minister, the acme tax anatomy said all-important structural reforms should be brought in Federal Board of Revenue (FBR) in adjustment to accomplish it efficient, effective, and best modern, transparent, business affable with an adeptness to accompany change. It is aerial time that a “Policy Board On Tax Revenues” be formed beneath your Chairmanship absolute of economists, assembly of able bodies (Tax & Accounting), State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP), Ministry of Finance and FBR.
President KTBA, Abdul Qadir Memon said the action should not be aloof about bearing a aggressive tax environment, but additionally to actualize a fair tax system; one that takes annual of the adeptness to pay, simplifies tax laws, encourages aerial ante of compliance, facilitates the absolute taxpayers and operates with low authoritative & acquiescence cost.
‘There is abundant to be done for accelerated advance of SME Sector and others by abbreviation amount of accomplishing business as able-bodied as acquiescence & action and bit-by-bit abridgement of aberrant taxation’.
The absolute taxpayers and above contributors of tax revenues accept shouldered aberrant banking burden. It is accordingly acute that such absolute taxpayers charge feel that in”Naya Pakitan”, they will be accustomed a fair and accurate accord on taxation. The due tax refunds will be paid to them aural a reasonable time frame, he added.
Memon added said FBR and SECP should be depoliticized and accustomed to assignment independently. ‘There is a austere abridgement of harmonization of federal & bigoted taxes and lnter-provincial taxes, which has resulted in growing disputes and litigation. Government is appropriate to put in abode able procedural blueprint to ensure that bifold or assorted -taxation should not aftereffect from operating in altered ambit beneath capricious bigoted and federal sales tax laws on services’
Memon additionally appropriate that federal government should anatomy “National Tax Authority” for harmonization of tax laws, rules and regulations.
In adjustment to accomplish Pakistan an adorable and applicable destination for bounded and all-around investment, absolute accomplish should be taken to abate bartering disputes and animate able local/international altercation resolution mechanisms to handle the assured abrasion that may appear in the alternation with civic tax system, added Memon.
Published in Daily Times, August 31st 2018.
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