Pakistani tax authorities will examine the South Korean sales tax system to improve procedures pertaining to value-added tax (VAT) regime, refund, and indirect taxes levy for the facilitation of business community. In this connection, a high-level delegation of tax officials, headed by CBR Member Sales Tax Shahid Ahmed, will leave for Korea on a four-day visit from 19th of this month.
Other members of the delegation include Collector of Sales Tax Karachi, Raza Baqer, tax official and a representative of Pakistan Revenue Automation Limited (PRAL).
Official sources said here on Thursday that the Central Board of Revenue (CBR) will focus on four major areas of the South Korean sales tax system. This encompass taxation on indirect exporters, integration of sales tax with other taxes, refund procedure and sales tax invoices.
The Korean tax system is comprised both national and local taxes, the latter of which are imposed by provinces, counties and municipalities. Examples of local taxes include property tax, automobile tax, and licence tax and registration tax. National taxes, on the other hand, are currently made up of Internet tax, customs duties, and education tax, international tax, which consists of direct tax and indirect tax, is thus the most significant type of tax payable in Korea.
The CBR will particularly analyse the systems on the indirect taxes side for implementing the practicable systems in Pakistan.
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