The Income Tax Bar Association, (ITBA) organised a seminar on "Sales Tax Returns and Special Procedures Rule, 2007" here on Saturday. Collector (Headquarters) Sales Tax, Federal Board of Revenue, Iftikhar Qutub was the chief quest on the occasion.
While addressing the seminar he said that Pakistan has a peculiar economic structure with a very poor tax culture. He said that due to poor system of tax collection the concerned authorities collect only 50 percent of the actual amount. He stressed the need to transform tax regulations according to the newly developed business trends.
In his presentation on 'Sales Tax Special Procedures Rule-2007', Mazhar Saleem Shah, ACMA, termed the law harsh for the small retailers and stressed the need to make the law more convenient for the taxpayers.
He said that law is in the best interests of the sugar mill owners and distributors as it stated that the sales tax invoices would be issued to them when the quantity would leave the sugar mill premises. He urged FBR not to include the restaurants in the hotel category, as they did not provide boarding facilities to the customers.
Saud-ul-Hassan also spoke on the occasion. General secretary Income Tax Bar Association, (ITBA), Shahab Ahmed offered vote of thanks to the speakers and the participants.