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PM meets with experts to discuss tax reforms

SAMAA | - Posted: Mar 12, 2019 | Last Updated: 1 year ago
Posted: Mar 12, 2019 | Last Updated: 1 year ago
PM meets with experts to discuss tax reforms

It was discussed that the FBR needs massive restructuring

Prime Minister Imran Khan held a meeting in Islamabad with prominent tax experts to discuss the improvement of the taxation system on Tuesday, officials who attended the meeting confirmed.

It was discussed that the Federal Board of Revenue (FBR) needs massive restructuring. There is also a need to broaden the tax base and increase tax collection, of which 80% has been collected through withholding taxes.

Officials said that legal procedures need to be simplified to facilitate tax filers and make the system more efficient and transparent.  NADRA is working in coordination with the FBR to identify people who are not paying taxes, it was reported. Around two million non-tax payers will be discovered by the end of April.

Related: Pakistan receives second UAE installment of $1b

Tax reforms, especially the automation of the entire assessment procedure shall be replaced with the current system as discussed in the meeting. Apart from companies, simplified tax laws and returns shall be made for taxpayers.

The Tax Reforms Implementation Commission will make a blueprint of the systematic changes in the FBR structure and tax laws shall be harmonised to facilitate business activity, the officials said. Property valuation needs to be at market value, along with DC rates which need to be at par with the market value, with reduction in duties and taxes on transfers.

FBR officials often harass and blackmail businesses to extort money. It was discussed that this needs to stop because it discourages people to show their income and file tax returns. They fear FBR officials will harass them if their assets are known.

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