Commissioner Income Tax Asim Majid Khan has said that documentation is a must for economic growth and cooperation of business community is of utmost importance
Lahore (Pakistan Point News / Online - 17th October, 2019) Commissioner Income Tax Asim Majid Khan has said that documentation is a must for economic growth and cooperation of business community is of utmost importance.He was speaking at the Lahore Chamber of Commerce & Industry on Thursday.The Commissioner Income Tax said that trust building between business community and FBR would help tackle issues in a winsome manner. He said that everyone should fulfill his responsibility by paying taxes.
He said that Federal Board of Revenue had taken good measures regarding bank account attachment and audit. "We are ready to talk with traders at the platform of the Lahore Chamber of Commerce & Industry", Asim Majid Khan said and added that our doors are always open.The Commissioner Income Tax agreed with the LCCI that genuine refunds should be paid as soon as possible. He said that increase in direct taxes can bring down the ratio of taxes to a single digit.
Speaking on the occasion, LCCI President Irfan Iqbal Sheikh said that misuse of discretionary powers by the tax officials is hampering the smooth running of businesses and coming in the way of tax net expansion.While calling for expediting stuck-up refund claims, he said that that delay in release of huge funds has triggered serious liquidity crunch for the exporters and manufacturers that might lead to closure of several industrial units. He said that an effective system should be developed for early payments of refunds.
LCCI President said that government deducts 4.5% un-adjustable withholding tax on supplies from the traders. He said that percentage of withholding should be reduced and it should be adjustable. He said that ratio of turnover tax should be reduced and traders should be given option to avail fixed tax scheme or turnover based taxation. He said that fixed tax scheme should be on turnover instead of covered area.Irfan Iqbal Sheikh said that sales tax should be reduced from existing 17% to a single digit to bring down input cost of the industrial sector. He said that tax return form should be easy to understand and should be on a single page.
