Trade and industry: FBR body drafts form containing 11 major questions

ISLAMABAD: A high-level committee of the Federal Board of Revenue (FBR) has drafted a form for the business community containing 11 major questions and concerns of the industry and trade; and sought recommendations for changes in the tax system and bringing efficiency and transparency in the FASTER refund system.

According to the suggestion form drafted by the FBR's technical committee Friday, business community can raise tax-related issues covering the following areas: suggestion to contribute to the economy and tax collection; suggestion to contribute to efficiency of the industry and trade; suggestion to lead to rapid industrialisation; suggestion to lead to increase in exports; suggestion to remove anomalies/distortions in taxation system; suggestion to reduce dependence of withholding/minimum taxation; suggestion for simplification of taxation system; suggestion for improvements in the temporary importation and manufacturing bond schemes; suggestion to bring about efficiency and transparency in the FASTER refund system; suggestion to address issues relating to adjustment of input tax paid against services subjected to sales tax by the provinces; suggestion to increase effectiveness of the FBR operations; suggestion to result in Better Taxpayer Service, and other suggestions.

The FBR committee has also asked the business community to give details of the description and statement of the problem and cost benefit for the trade, industry and the tax system. The committee has conveyed to the business community that the entity/individual closest to the issue is in the best position to recommend improvements for the particular function, process or operation.

No single individual has all the good ideas in any trade and industry/sector/function. Each perspective is valuable and consultative decisions tend to be most successful.

Given an opportunity stakeholders can offer very pragmatic suggestions to bring about efficiency in tax laws and operations of the FBR, and thus, contribute to the progress of the nation.

Our wish is for the entity/individual to feel "more relevant" and turn that relevance into action, so that it results in a progressive change in taxation and revenue generation for the country, it added.

Copyright Business Recorder, 2020