The Faisalabad Tax Bar Association held a seminar here on Wednesday to discuss the amendments made to the Income Tax Ordinance - 2001 and the Sales Tax Act - 1990 through Finance Act - 2005. Faisalabad Sales Tax Collector Shafqat Mahmood was chief guest, while Hamid Masood, FCA, chairman, Tax Bar Association presided over the seminar.
Addressing the participants of the seminar, Shafqat Mahmood explained the significant amendments made to the Sales Tax Act - 1990, adding the provisions regarding zero-rating of entire chain of textile, amnesty schemes announced vide SRO 520 and benefits of single stage tax on retailers has been announced in the Budget 2005-06.
He explained that the scheme of 3 percent retail tax is introduced to facilitate the retailers, saying that the retailers should avail the benefits of this scheme. He said that now the non-corporate retailers would deposit 3 percent tax on their turn over a final discharge of their sales tax and income tax liabilities. The registration process has been simplified and registration forms are available on web site and these can be e-mailed, he added.
Shafqat Mahmood emphasised that mechanism of alternate dispute resolution (ADR) is introduced to facilitate the taxpayers and give speedy relief to them, saying the members of Tax Bar Association should, therefore, induce the taxpayers to settle disputes through this forum which is represented by professionals and representatives from business community.
Earlier, in the first session of the seminar Faisalabad Tax Bar Association President Hamid Masood and Bar Association Member Nasir Khurshid gave presentations on new forms of returns of total income and various amendments to the Income Tax Ordinance - 2001.
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