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Unregistered persons: FBR plans to propose three percent ''further tax'' in Budget

The Federal Board of Revenue is planning to propose Ministry of Finance to charge 2-3 percent ''further tax'' from unregistered persons in Budget (2013-14) to generate additional revenue in next fiscal year. Sources told Business Recorder here on Monday that the FBR is seriously working on taxation proposals with the intention to achieve documentation of economy.

Budget preparation exercise has been started in the FBR and "further tax" is one of the budgetary measures for 2013-14. The 3 percent "further tax" on supplies to unregistered persons is one of the measures under discussion and review. In case the proposal is implemented in budget, the old regime of ''further tax'' would be restored through Finance Bill (2013-14).

The FBR intends to implement these policy measures for increasing sales tax collection during 2013-14. On the sales tax side, the FBR is planning to impose ''''further tax'''' on supplies to unregistered persons. In budget 2004-05, the FBR had abolished "further tax". The restoration of 3 percent ''further sales tax'', under Sales Tax Act 1990, is an easy way to generate additional amount to the tune of billions per annum.

Sources said that the "further tax" was abolished in the 2004 budget, with the intention to control the phenomenon of fake/flying sales tax invoices. At that time, the levy was generating an additional amount of sales tax to the tune of billions. ''Further tax'' was levied on supplies made to unregistered persons, which was later abolished through amendment in the Sales Tax Act.

Copyright Business Recorder, 2013



 



 
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