The Federal Board of Revenue's Special Committee for the Determination of Rate Turnover Taxes has taken decision to reschedule turnover tax of low-profit sectors
Islamabad (Pakistan Point News / Online - 27th December, 2019) The Federal board of Revenue's Special Committee for the Determination of Rate Turnover Taxes has taken decision to reschedule turnover tax of low-profit sectors.In this connection FBR issues notification on Friday in which it is said that the turnover tax will be determined after consultation with business representatives of business community. According to the FBR, on October 30, 2019, the turnaround tax on low-profit sectors will be re-assessed in light of FBR's agreement with business organizations.
In this connection, a special committee has been constituted by the FBR under the convenership of Member FBR Dr. Hamid , while other members of the committee would be DG (Retail) Tariq Sheikh and three charter accountants and representatives of Markazi Anjuman-i-Tajran Mohammed Ajmal Baloch, Muhammad Naeem Mir, Khwaja Salman Siddiqui and Muhammad Kashif Chaudhry , which will set new policies regarding turnover tax of small business sectors.
While in light of the reports and reports from both sides, the low-profit sectors will determine the turnover tax, while this special committee will also form various sub-committees to carry out its work. Each committee will include two agents of the required trade who will submit their recommendations for the determination of the turn overtax of low-profit sectors On the other hand, Naeem Mir, secretary general of All Pakistan Association of Traders, says that the committee was constituted in accordance with the October 30 agreement. But the tax-deductible sectors will have to provide proof of lower profits.
