Post-budget seminar on Finance Act 2007 held

The Finance Act, 2007 and its amendments of provisions are the chain process to implement the agenda of reform policy initiated by Central Board of Revenue (CBR). Mukhtar Ahmed Gondal, Director General, Large Taxpayers Unit (LTU), Karachi said this at 'Post Budget Seminar on Finance Act - 2007', here on Tuesday.
Gondal said that the agenda of reform policy was aimed at simplification of laws ie Income Tax, Sales Tax and Federal Excise to further facilitate the taxpayers.
He said, "dichotomy in withholding tax has been removed, which was the impediment in relations between taxpayers and tax officials." DG LTU said that several adjustments in sales tax have been given to manufacturers, exporters and other concerned to maintain country's economic growth. He said that the another object of the Finance Act-2007 was to make responsible all stakeholders for strengthening tax laws.
Under the Act the responsibilities of tax collectors have been doubled, he said, adding that further efforts needed to achieve CBR's current year revenue collection target. He said that the CBR was trying to consolidate the corporate sector by providing several incentives in the tax structure. The corporate restructuring was needed to keep the economic wheel moving and put the economic indicators on positive side, he said.
In his welcome address, Asrar Raouf, Director General, Regional Tax Office (RTO) Karachi has outlined the importance of Finance Act - 2007 and said that several changes had been made to facilitate the taxpayers besides achieving current year's gigantic revenue target of 1025 billion.
He said that the revenue collection growth has been maintained during the last some years and it was made possible due to efforts of CBR Chairman and his tax fellows. He said that the seminar was organised to deliberate upon specific aspects of amendments made through Finance Act - 2007. On the occasion five panels headed by an additional commissioner/ additional collector made detailed presentations on the issues.
THE ISSUES PRESENTED AT THE SEMINAR WERE INCLUDED: FBR Act and miscellaneous provisions added/deleted in the Income Tax Ordinance, 2001; Concept of group taxation, group relief and law relating to holding companies inserted through the Finance Act, 2007; Addition of the seventh schedule to compute income of banking companies; Amendments in provisions relating to withholding taxes corporate sector and non-corporate sector; Salient features of amendment in Sales Tax Act.