Pakistan Tax Bar Association (PTBA) has proposed 22 recommendations on indirect taxes to the Minister for Finance, Revenue and Economic Affairs for redress of genuine of the existing taxpayers.
In a letter sent to the finance minister, Abdul Qadir Memon, President (PTBA) forwarded 22 proposals on indirect taxes. The recommendations are related to harmonization of federal and provincial taxes, rationalization of rate of tax, abolishment of presumptive/value addition/fixed tax regimes, introduction of group taxation, allow-ability of input tax credit on building materials, allow-ability of revision of sales tax return, allow-ability of further tax as admissible output; extension of time period for claiming input tax refunds, allow-ability of issuance of debit & credit notes in case of bad debts, issuance of notification for process of de registration, blacklisting and suspension of registration, allow-ability of extra tax as output tax, issuance of detailed sop for condonation of time limit, avoidance of multiple audit, enhancement of threshold of utility bills for cottage industry, appropriate amendment for rationalization of definition of time of supply, introduction of appeal effect provisions and allow-ability of adjustment of sales tax refund with income tax liability or vice versa. He further said that deliberation should be made with the stakeholders before final issuance of notification and implementation thereof.
In addition, the PTBA President also emphasised to implement those proposals in true spirit in order to broaden tax base, reduce the cost of doing business, simplify tax and administrative laws and incentivize business community for industrialization.
He said the current political regime and core economic team had all the abilities to provide improved tax system to the bona-fide existing taxpayers who are presently facing innumerable problems and having many challenges in conducting their business activities. He also assured PTBA's support in all positive endeavors of the government.
Comments
Comments are closed.