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Print

Budget: fixed tax scheme for small traders very likely

  • Finance minister says govt strictly committed to ensuring financial discipline through effective policies
Updated 08 May, 2022

ISLAMABAD: Federal Minister for Finance and Revenue, Miftah Ismail Saturday agreed, in principle, to introduce a fixed tax scheme for small traders and resolve all taxation-related issues of business and trade including the condition of providing a Computerized National Identity Card (CNIC) numbers of the unregistered buyers.

Ismail held a meeting with a delegation of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) led by its President Irfan Iqbal Shaikh at the Finance Division, here.

The FBR chairman and senior officers also attended the meeting.

Ismail said the government will present a pro-people and business-friendly budget by incorporating viable suggestions from all the stakeholders.

Sources told Business Recorder that the FPCCI presented the case of the small traders across the country. The finance minister agreed to introduce a fixed tax regime for small traders with simple documentation.

Budget deficit to balloon to Rs5.6tr in FY22, says Miftah as he slams PTI's economic policies

It was pointed out that if the businessmen make sales to unregistered persons, the CNIC of the consumers has to be provided otherwise, the corresponding amount of input tax would be disallowed.

The FBR should not create problems for the business community by seeking CNICs of the unregistered buyers, as a penalty in the form of three percent extra sales tax has already been charged besides 17 percent sales tax, the FPCCI informed the meeting.

There is a likelihood that the said condition may be withdrawn in the upcoming budget, the sources said.

According to the sources, the meeting also discussed the possibility of the export of surplus sugar. The authorities may agree on the export of surplus sugar.

Ismail welcomed the delegation and shared that macroeconomic stability is the prime concern of the present government. Therefore, the government is strictly committed to ensuring financial discipline through effective and farsighted policies for enhancing the overall level of growth in the country.

The FPCCI president congratulated the finance minister on undertaking the new role as federal finance minister and presented various proposals for consideration in the Federal Budget 2022-23. Multiple measures were suggested by the FPCCI members for bringing in greater efficiency in the industrial and agriculture sectors.

They also apprised about some issues related to taxation faced by the business community in the country. Further, they requested the finance minister to consider their proposals and address the stated issues.

The finance minister acknowledged the effective role of the FPCCI in acting as a bridge between the government and the traders. The current economic situation was highlighted during the meeting. The finance minister commended the budgetary suggestions proposed by the FPCCI members for various sectors of the economy.

The chair shared that the current government is aiming at an inclusive and sustainable economic growth by presenting a pro-people and business-friendly budget; therefore, the suggestions of all the stakeholders will be given due regard.

The FPCCI delegation thanked the finance minister for listening to their proposals and assured their support and cooperation in enhancing economic stability in the country.

Copyright Business Recorder, 2022

Comments

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Syed Yasoob Ali May 08, 2022 02:23pm
It will not impact business as Main branches of all the banks are open for cash transactions on Saturday. International markets are closed on Saturday so no import business can be executed on Saturday. If banks will go for 6 days working then banking timings would reduced which will effect businesses.
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Khawaja imran May 10, 2022 09:17pm
میں قریباً تین دھائیوں سے عینک سازی کے شعبہ سے منسلک ہو میں اللہ سبحانہ وتعالی سے پرامید ہوں کہ عینک سازی کے شعبہ میں مختلف ٹیکسز کی مد میں جتنا ٹیکس آپ ایک سال میں اکٹھا کرتے ہیں اس سے دوسو فیصد زیادہ اکٹھا کروا سکتا ہو لیکن میری سو فیصد تجاویز پر عمل کرنا ہو گا یہ فامولا ون بائی ون ہر ٹریڈ پر لاگو کر سکتے ہیں
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