AGL 38.52 Increased By ▲ 0.30 (0.78%)
AIRLINK 129.80 Increased By ▲ 0.83 (0.64%)
BOP 8.78 Increased By ▲ 0.93 (11.85%)
CNERGY 4.75 Increased By ▲ 0.09 (1.93%)
DCL 8.67 Increased By ▲ 0.35 (4.21%)
DFML 38.80 Decreased By ▼ -0.14 (-0.36%)
DGKC 85.50 Increased By ▲ 3.56 (4.34%)
FCCL 35.10 Increased By ▲ 1.68 (5.03%)
FFBL 75.70 Decreased By ▼ -0.01 (-0.01%)
FFL 12.79 Decreased By ▼ -0.03 (-0.23%)
HUBC 110.51 Increased By ▲ 0.15 (0.14%)
HUMNL 14.44 Increased By ▲ 0.43 (3.07%)
KEL 5.38 Increased By ▲ 0.23 (4.47%)
KOSM 7.70 Increased By ▲ 0.03 (0.39%)
MLCF 41.36 Increased By ▲ 1.56 (3.92%)
NBP 71.90 Decreased By ▼ -0.42 (-0.58%)
OGDC 192.50 Increased By ▲ 4.21 (2.24%)
PAEL 26.20 Increased By ▲ 0.57 (2.22%)
PIBTL 7.57 Increased By ▲ 0.20 (2.71%)
PPL 158.40 Increased By ▲ 5.73 (3.75%)
PRL 25.90 Increased By ▲ 0.51 (2.01%)
PTC 18.75 Increased By ▲ 1.05 (5.93%)
SEARL 83.00 Increased By ▲ 0.58 (0.7%)
TELE 7.86 Increased By ▲ 0.27 (3.56%)
TOMCL 33.05 Increased By ▲ 0.48 (1.47%)
TPLP 8.40 Decreased By ▼ -0.02 (-0.24%)
TREET 16.88 Increased By ▲ 0.10 (0.6%)
TRG 56.06 Increased By ▲ 0.02 (0.04%)
UNITY 28.80 Increased By ▲ 0.02 (0.07%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 10,786 Increased By 127 (1.19%)
BR30 31,971 Increased By 639.3 (2.04%)
KSE100 100,399 Increased By 1129.6 (1.14%)
KSE30 31,342 Increased By 309.3 (1%)

The Central Board of Revenue (CBR) has dropped the idea of promulgating Value Added Tax (VAT) Act, 2007 in coming budget keeping in view the legal complications following issuance of a totally new sales tax law in fiscal 2007-08.
Sources told Business Recorder on Saturday that the board would amend the exiting Sales Tax Act, 1990, to simplify all the existing sales tax/federal excise returns, statements and declarations.
The proposed amendments have been worked out on the recommendations of a "Process Simplification Committee", which has reviewed the entire sales tax law with a view to removing ambiguities, making the procedure simple. According to the sources, the draft of the VAT Act, 2007 has been finalised, but it would not be implemented from the next fiscal year.
The sales tax law has been reviewed by a committee headed by Iftikhar Qutab, collector, Sales Tax and Federal Excise, Large Taxpayer Unit (LTU), Karachi. Other members are Shafquat Mehmood Ahmed, collector, Enforcement, Karachi; Abdur Rashid Bajwa, collector, Sales Tax and Federal Excise, Regional Tax Office (RTO), Peshawar; Abdul Hameed Memon, secretary, Sales Tax and Federal Excise, and Aamir Amin Bhatti, deputy collector, Collectorate of Sales Tax and Federal Excise, Lahore.
The committee has redrafted sales tax statutes and regulations. Secondly, it has redesigned all formats of returns, declarations and statements, etc. Thirdly, it has adopted best international practices for sales tax legislation/system.
Fourthly, it has simplified the statutory and regulatory machinery of sales tax. Fifthly, it has ensured futuristic compatibility of returns, declarations, statements and sales tax documents with the information technology applications.

Copyright Business Recorder, 2007

Comments

Comments are closed.