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May 19, 2019

FBR to gradually abolish presumptive tax regime: Shabbar

Business

May 19, 2019


KARACHI: The Federal Board of Revenue (FBR) will gradually eliminate the fixed or presumptive tax regime (FTR), which is not based on net income basis, as it is unjustified, its chief said on Saturday.

FBR Chairman Shabbar Zaidi said the fixed tax regime has ended the relationship between real income and taxation, “which is unjustified”.

“In the long-term there will be no FTR for any sector,” Zaidi said, speaking at the Karachi Chamber of Commerce and Industry (KCCI).

The newly-appointed FBR chief said there is no record or data of shops and industrial units in the country.

“A comprehensive database is being prepared regarding shops, sales outlets and industrial units, which would be utilised to broaden the tax base,” he said. “Around 300 companies contribute 80 percent of the total tax revenues. Individuals and businesses don’t pay taxes and they don't file returns. The data of non-taxpayers would be shared with the people of Pakistan.”

On stuck tax refunds, Zaidi asked the business community to come up with a workable solution. The markets are flooded with non-duty paid and smuggled goods. “Smuggling is a big problem and the FBR has failed to control it,” he said. “Dealing in smuggled goods is a crime. I request the business community to stop trading in smuggled goods.”

FBR chairman said the assets declaration scheme is good and there is no ambiguity in it. He urged the people to avail the amnesty. “Nothing is hidden anymore and the authorities have all the information about everyone.”

Zaidi said the business environment in the country is not good. “NAB (National Accountability Bureau), FIA (Federal Investigation Agency) and other agencies are resorting to harassment of businessmen and shaking the business confidence,” he said. “I have personally talked to the Prime Minister Imran Khan and told him the businessmen are not political opponents and the business environment must be improved.”

Zaidi assured business community of all possible support and assistance to resolve their issues.

The office bearers of the KCCI apprised the FBR chief of anomalies in tax/duty structure and issues faced by the business community.

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