Converting all existing presumptive taxes into adjustable withholding taxes at higher rates can increase direct tax revenues along with encouraging documentation.Lower rate of sales tax on sales through registered retailers can also help documentation.Higher rate of sales tax on electricity/gas can also help in increasing revenue/documentation.
In this internet connected world FBR can establish a department which can check under invoicing through
1- Making bank to send an electronic copy of each T/T ( telegraphic transfer) or Letter of Credit made for an international transaction so FBR must know in advance the payment made by Company XYZ to Chinese exporter( or from other countries)
2- Once advance information about actual amount in hand FBR ( Customs) issue advance notice to importer for payment of import duty based on SIC codes and whatever are the import duties for that particular product
3- Finally once payment is made in Bank importer is allowed to pick his product
4- For advance payment of custom duty a little discount will be an added incentive
FBR PEOPLES SHOULD COMPLETE THE RETURN FORMS BEFORE JULY 2012. THIS PRACTICE SHOWING THEIR INTEREST. NO ONE CAN ASK THEM BECAUSE THEY ARE REAL RULLING KING AND THE KINGS ARE EXEMPTED FROM EACH AND EVERY QUERY
Karachi Port is the hub of corruption. Big importers of Glass sheets, Industrial Raw Materials have rented the corrupt customs officials and as a result Mis-declaration is common. This is another feather in the cap of Asif Zardari - MQM Coalation. No customs officer can get posting at Karachi port without nod from these two. is this a big challenge to put few honest officers at karachi port and put ISI or similar intelligence unit to monitor each consignment ? Useless imports like school bags, stationery, toys should be banned. Chairmen FBR past and present, are these honourable people - if we are making such losses.
The market rates may have gone down, or remained the same. For the homeowner to get qualified for lower rates, there are certain prerequisites but I would recommend you search online for 123 Refinance before you decide because they can find the 3% refinance rates.