ISLAMABAD: Two committees have been constituted by the government to chalk out an implementation plan for broadening the tax base and increase the number of sales tax registered persons by identifying new taxpayers.
The committees would submit the plan by the end of the current month, sources told Business Recorder here on Saturday. The committees cover broadening of tax base and incentivise consumers through a system of prizes on sales tax receipts.
The recommendations of the committees will be presented in the next meeting of the Economic Advisory Council. According to the sources, the FBR would incentivise consumers through a system of prizes on sales tax receipts through an open ballot every month.
The second committee will give its recommendation for the implementation of this scheme. The proposed tax policy will emphasize on expansion of tax bases through identification of new taxpayers, gradual removal of exemptions and concessionary provisions and reduction in tax rates.
The income tax returns for tax year 2020 have reached 3.01 million compared to 2.67 million in tax year 2019, showing an increase of 13 per cent.
Sources added that a comprehensive plan of government strategy would be the expansion of sales tax base. Under the plan, the FBR will document all retail and wholesale-related transactions taking place through digital and electronic payment systems.
Copyright Business Recorder, 2021
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