Lahore, November 13, 2012 (PPI-OT): The Chairman Federal Board of Revenue Ali Arshad Hakeem Tuesday offered Lahore Chamber of Commerce and Industry to join hands with customs department to develop a land port at Wagha Border. He was speaking at the Lahore Chamber of Commerce and Industry.
The LCCI President Farooq Iftikhar, in his address of welcome, highlighted a number of issued being faced by the business community while Senior Vice President Irfan Iqbal Sheikh, Vice President Mian Abuzar Shad, a large number of Executive Committee members and businessmen attended the meeting.
The FBR Chairman said that it would be a very lucrative business therefore, could be done by forming a company listed at stock markets. This would benefit the entire business community to the maximum as a big business is expected through Wagha in coming days. Over the issue of Section 153-A of Income Tax Ordinance 2001, he said that it would be kept in abeyance till 2013 and new notices would be issued to businessmen.
The FBR Chairman said that 3 million new potential tax payers have been identified through foreign trips, luxury vehicles and high valued properties. “We are going to introduce a new scheme under which they would be allowed to get themselves registered by paying only Rs. 40,000.
It would be a huge opportunity for all the 3 million new tax payers and would benefit old tax payers as well. “If 3 million people pay Rs. 40,000, the amount would be Rs.120 billion that would be an encouraging sign for tax collection machinery and for the country.”
The FBR Chairman said that in Pakistan 9.1% tax to GDP ratio is equivalent to Rawanda and Syria and it is because of misdeclaration inflated input claims and loop holes in system but the FBR would be making all out efforts to enhance tax to GDP ratio.
He said that in Turkey, prizes are given to tax payers through a balloting of sales tax invoices and the FBR is also going to introduce this system in Pakistan, hopefully by next year.
He said that a new system of sales tax collection has been evolved that would be rolled out next year. He said that there are 3.4 million NTN holders in Pakistan but only 0.8 million are filing their returns. Speaking on the occasion, the LCCI president Farooq Iftikhar highlighted problems being faced by business community at Wagha Border, delayed refunds of sales tax, delay in sales tax registration, ineffectiveness of FBR helpline and tax amnesty scheme.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854