Shabaz Sharif
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The Federal Board of Revenue (FBR) Monday categorically conveyed to all chambers, trade bodies and federations that business would be made extremely difficult for the non-taxpayers from 2014-15 as cost of doing business of un-registered businessmen would be made very high as compared to compliant taxpayers.
It is learnt on Monday that all leading trade bodies, chambers and federations gathered at the FBR House to present their budget proposals containing tax concessions, relief and rationalisation of tax rates. Finance Minister Ishaq Dar chaired the meeting at the FBR House.
All chambers and trade bodies from Karachi, Hyderabad, Lahore, Faisalabad, Sialkot, Peshawar, Islamabad, Rawalpindi, Sarghoda and other cities participated in the meeting. It has been informed that the un-registered businessmen would have to pay higher rates of withholding taxes from next fiscal year. The FBR will introduce such measures that the business would be made very difficult in the form of higher rates of taxes on un-registered sales and supplies and they would be forced to operate in the documented regime or leave the business.
Tax authorities conveyed the message to the business community that the Federal Board of Revenue (FBR) has proposed the government new budgetary measures for 2014-15 to increase the cost of non-active taxpayers as compared to active/registered taxpayers. The FBR has finalised different budget proposals to increase the cost of non-taxpayers as compared to the registered persons. In this regard, the FBR would move different budgetary proposals to the government for 2014-15. The FBR would incentivise people who were paying taxes and increase cost of doing business of those who were not paying any taxes. The cost of being non-taxpayer would be higher.
On the issue of single stage sales tax on lower rates, it has been decided that the representatives of business community and FBR officials would sit together and discuss the possibility of revamped sales tax regime. The representatives of the business community requested the FBR to restore the old system of self assessment scheme where every year higher rate of 10-20 percent tax has been paid and returns have been accepted by the FBR. They informed the FBR that old system of paying taxes not only generated huge revenue but also expanded the tax base. The old self assessment scheme was acceptable to the business community to pay higher amount of tax payments as compared to last fiscal and their returns have been accepted by the Board annually.
Budget 2014-15: FBR proposes steps to increase cost of business for non-taxpayers | Business Recorder
It is learnt on Monday that all leading trade bodies, chambers and federations gathered at the FBR House to present their budget proposals containing tax concessions, relief and rationalisation of tax rates. Finance Minister Ishaq Dar chaired the meeting at the FBR House.
All chambers and trade bodies from Karachi, Hyderabad, Lahore, Faisalabad, Sialkot, Peshawar, Islamabad, Rawalpindi, Sarghoda and other cities participated in the meeting. It has been informed that the un-registered businessmen would have to pay higher rates of withholding taxes from next fiscal year. The FBR will introduce such measures that the business would be made very difficult in the form of higher rates of taxes on un-registered sales and supplies and they would be forced to operate in the documented regime or leave the business.
Tax authorities conveyed the message to the business community that the Federal Board of Revenue (FBR) has proposed the government new budgetary measures for 2014-15 to increase the cost of non-active taxpayers as compared to active/registered taxpayers. The FBR has finalised different budget proposals to increase the cost of non-taxpayers as compared to the registered persons. In this regard, the FBR would move different budgetary proposals to the government for 2014-15. The FBR would incentivise people who were paying taxes and increase cost of doing business of those who were not paying any taxes. The cost of being non-taxpayer would be higher.
On the issue of single stage sales tax on lower rates, it has been decided that the representatives of business community and FBR officials would sit together and discuss the possibility of revamped sales tax regime. The representatives of the business community requested the FBR to restore the old system of self assessment scheme where every year higher rate of 10-20 percent tax has been paid and returns have been accepted by the FBR. They informed the FBR that old system of paying taxes not only generated huge revenue but also expanded the tax base. The old self assessment scheme was acceptable to the business community to pay higher amount of tax payments as compared to last fiscal and their returns have been accepted by the Board annually.
Budget 2014-15: FBR proposes steps to increase cost of business for non-taxpayers | Business Recorder
