ANL 10.28 Decreased By ▼ -0.05 (-0.48%)
ASC 9.09 Increased By ▲ 0.02 (0.22%)
ASL 10.99 Decreased By ▼ -0.21 (-1.88%)
AVN 77.60 Decreased By ▼ -0.78 (-1%)
BOP 5.40 Decreased By ▼ -0.03 (-0.55%)
CNERGY 5.33 Decreased By ▼ -0.04 (-0.74%)
FFL 6.60 Decreased By ▼ -0.03 (-0.45%)
FNEL 5.85 Decreased By ▼ -0.10 (-1.68%)
GGGL 11.09 Increased By ▲ 0.03 (0.27%)
GGL 16.53 No Change ▼ 0.00 (0%)
GTECH 8.41 No Change ▼ 0.00 (0%)
HUMNL 7.14 Decreased By ▼ -0.02 (-0.28%)
KEL 3.00 Decreased By ▼ -0.09 (-2.91%)
KOSM 3.21 Increased By ▲ 0.17 (5.59%)
MLCF 27.00 No Change ▼ 0.00 (0%)
PACE 3.00 No Change ▼ 0.00 (0%)
PIBTL 5.94 Decreased By ▼ -0.13 (-2.14%)
PRL 17.90 Decreased By ▼ -0.30 (-1.65%)
PTC 6.97 Decreased By ▼ -0.05 (-0.71%)
SILK 1.17 Increased By ▲ 0.01 (0.86%)
SNGP 34.28 Decreased By ▼ -0.13 (-0.38%)
TELE 10.81 Decreased By ▼ -0.22 (-1.99%)
TPL 9.08 Increased By ▲ 0.03 (0.33%)
TPLP 20.15 Increased By ▲ 0.11 (0.55%)
TREET 29.15 Decreased By ▼ -0.35 (-1.19%)
TRG 77.11 Increased By ▲ 0.06 (0.08%)
UNITY 20.05 Decreased By ▼ -0.19 (-0.94%)
WAVES 12.80 Increased By ▲ 0.10 (0.79%)
WTL 1.33 Decreased By ▼ -0.04 (-2.92%)
YOUW 4.99 Increased By ▲ 0.19 (3.96%)
BR100 4,101 Increased By 22 (0.54%)
BR30 15,026 Decreased By -95.4 (-0.63%)
KSE100 41,541 Increased By 243.1 (0.59%)
KSE30 15,805 Increased By 108.4 (0.69%)

ISLAMABAD: Federal Tax Ombudsman (FTO) Dr Asif Mahmood Jah has strongly recommended to the FBR to immediately issue a notification to considerably enhance regulatory duties on the import of all kinds of non-essential items and luxury goods to reduce imports.

Talking to Business Recorder Wednesday at the FTO Office, Dr Jah said that the matter of reducing the import bill is very serious and needs immediate issuance of the SROs. The FBR is conducting the said exercise and a major increase in RDs is required for curtailing the imports. The higher rates of RDs should be imposed on all kinds of non-essential items and import of items “manufactured locally”. The second option is to ban the import of luxury items for a specific time period, he added.

EFP proposes measures to lift country out of economic quagmire

In the last budget (2021-22), the FBR had increased regulatory duties on the import of mobile phones, tobacco, shampoos, cosmetics, tyres, tiles, dinner sets, padlocks, LCD and LED from July 1, 2021.

Sharing major budget proposals of the FTO Office being reviewed by the FBR, Dr Jah stated that there is a general complaint on the part of the taxpayers that the income tax return form to be filed under section 114 of the IT Ordinance 2001 is very complex and difficult to understand and still difficult to fill. It is recommended that the annual IT return form may be simplified by having a single page with fewer columns to fill, in both English and Urdu languages. More emphasis should be placed on filing annexures with returns wherever required.

Copyright Business Recorder, 2022

Comments

1000 characters
M Yousaf Khan FCMA May 19, 2022 11:11am
National Budget Proposals 2023:Revolutionary Measures May 17,2022. Non -Technical National Revolutionary Measures: Keeping in view the severe financial crises following measures must be taken to protect our beloved country from unmanageable crises. I. Long term national action plans and policies must be restored as in the past "Five Years Plans" were developed and executed as had been done by earlier governments. Which must be implemented irrespective of change of governments. II. We have to enforce urgent measures impose emergency for restricting import of luxury items like chocolates, drinks, cell phones, diapers, makeup, jewellary, garments, cars ,non essential machinery etc to prevent FOREX. III. All allowances TA / DA, petrol etc of MNAs/ MPAs / Senators must be stopped immediately as they are the richest creature of Pakistan. Likewise for entire top slot of country including judges, President, P.M, Governors, Army Generals etc, all allowances must be banned as these few elites can't be allowed to ruin the poor taxpayers money. IV. To protect agriculture and ensure food security as well as earn FOREX, strategic national agriculture policy must be framed on long term basis .Initially restrictions like agricultural land must be declared a national assets, whereby it must be restricted for agriculture purposes only specially cash crops including mangoes, citrus, dates ,cotton, rice ,edible oil etc, farmers rights of fair price must be ensured. V. There must be at least 10% reserved seats of professionals in National Assembly, Provincial assembly as well as in Senate of Pakistan including economists & Cost Management Accountants so that they may play their technical role in guiding and keeping the national policies on track. Technical Measures: I. Withholding Tax (WHT) regime should be revamped and reduced from existing over twenty-six to five rates preferably only for filers and generally for all. II. WHT should be applicable on inactive taxpayers only. III. WHT rate applicable on services at the rate of 8% to 10% is a minimum tax regardless of the actual taxable income of the service provider. This tax effectively becomes indirect tax and increases the cost of doing business for service providers; hence, tax on services should be made adjustable. IV. Withholding tax deduction u/s 153 (1)(a) which is currently considered as minimum tax for all the suppliers (except manufacturers and listed companies) should be made adjustabl
thumb_up Recommended (0) reply Reply