ANL 32.21 Increased By ▲ 0.51 (1.61%)
ASC 18.65 Increased By ▲ 1.20 (6.88%)
ASL 26.45 Decreased By ▼ -0.15 (-0.56%)
AVN 91.35 Increased By ▲ 0.85 (0.94%)
BOP 8.21 Increased By ▲ 0.03 (0.37%)
BYCO 11.84 Increased By ▲ 0.49 (4.32%)
DGKC 126.00 Decreased By ▼ -2.50 (-1.95%)
EPCL 48.20 Increased By ▲ 0.05 (0.1%)
FCCL 23.96 Increased By ▲ 0.06 (0.25%)
FFBL 27.90 Decreased By ▼ -0.09 (-0.32%)
FFL 17.79 Decreased By ▼ -0.15 (-0.84%)
HASCOL 11.45 Increased By ▲ 0.25 (2.23%)
HUBC 78.30 Decreased By ▼ -0.70 (-0.89%)
HUMNL 8.64 Decreased By ▼ -0.08 (-0.92%)
JSCL 24.65 Increased By ▲ 0.35 (1.44%)
KAPCO 44.75 Increased By ▲ 0.06 (0.13%)
KEL 4.19 Decreased By ▼ -0.03 (-0.71%)
LOTCHEM 16.31 Decreased By ▼ -0.29 (-1.75%)
MLCF 46.70 Decreased By ▼ -0.35 (-0.74%)
PAEL 36.20 Increased By ▲ 0.32 (0.89%)
PIBTL 11.04 Decreased By ▼ -0.11 (-0.99%)
POWER 10.08 Decreased By ▼ -0.02 (-0.2%)
PPL 90.20 Decreased By ▼ -0.50 (-0.55%)
PRL 26.25 Increased By ▲ 0.31 (1.2%)
PTC 14.00 Increased By ▲ 0.99 (7.61%)
SILK 1.58 Increased By ▲ 0.02 (1.28%)
SNGP 48.20 Increased By ▲ 0.25 (0.52%)
TRG 168.50 Decreased By ▼ -3.30 (-1.92%)
UNITY 49.39 Increased By ▲ 0.14 (0.28%)
WTL 4.26 Increased By ▲ 0.01 (0.24%)
BR100 5,282 Increased By ▲ 24.37 (0.46%)
BR30 27,601 Increased By ▲ 45.56 (0.17%)
KSE100 48,305 Increased By ▲ 53.23 (0.11%)
KSE30 19,479 Decreased By ▼ -58.87 (-0.3%)

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