Broadening tax base: Two committees set up for working out plan

ISLAMABAD: Two committees were constituted by means of the federal government to chalk out an implementation plan for broadening the tax base and building up the collection of gross sales tax registered individuals by means of figuring out new taxpayers.

The committees would post the plan by means of the top of the present month, assets advised Trade Recorder right here on Saturday. The committees duvet broadening of tax base and incentivise shoppers via a device of prizes on gross sales tax receipts.

The suggestions of the committees shall be offered within the subsequent assembly of the Financial Advisory Council. In step with the assets, the FBR would incentivise shoppers via a device of prizes on gross sales tax receipts via an open poll each and every month.

The second one committee will give its advice for the implementation of this scheme. The proposed tax coverage will emphasize on enlargement of tax bases via id of latest taxpayers, sluggish elimination of exemptions and concessionary provisions and relief in tax charges.

The source of revenue tax returns for tax yr 2020 have reached 3.01 million in comparison to 2.67 million in tax yr 2019, appearing an building up of 13 consistent with cent.

Resources added {that a} complete plan of presidency technique will be the enlargement of gross sales tax base. Below the plan, the FBR will report all retail and wholesale-related transactions going down via virtual and digital cost methods.

Copyright Trade Recorder, 2021

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