Zero rate tax is promoting business and investment flow in the country, while enhanced tax rate on luxury items are discouraging consumerism on one hand and promoting austerity in the society on other hand.
These views were expressed by speakers at a seminar on 'Current Issues in Sales Tax' organised by the Institute of Cost and Management Accountants of Pakistan. Nazim Saleem, Collector Sales Tax was the chief guest, while Akhtar Ali, former Collector Sales Tax, Asim Majeed, Additional Collector of Sales Tax and S. Ahmad Ashraf, FCMA, Chief Financial Officer, Dawood Lawrencepur Limited shared their views and experiences on the subject.
The speakers dealt at length sales tax audit recovery, alternate dispute resolution, book keeping and invoicing requirements, refunds exemption, litigation, prevalent snags and various others issues relating to Sales Tax.
They maintained that lower prices caused by zero tax sales taxation is promoting business and investment in the country, thus alleviating poverty. On various luxury items the tax rates have been raised.
The speakers emphasised the advantages and benefits arising out due to liberalisation, simplification and facilitation of tax procedures. Due to lowering of sales tax rates on numerous items and removal of irritants and impediments in the procedures the tax base has been widened and sales tax revenue has registered phenomenal increase.
This facilitates the government in conducting its business comfortably, they added. Ale Imran Siddiqui, FCMA, Chairman, Lahore Chapter and Mirza Munawar Hussain, FCMA, Chairman, Lahore Branch Council also spoke on the occasion.
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