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ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Atif Ikram Sheikh and Chairman Anomaly Committee (Business) Federal Board of Revenue (FBR) Gohar Ijaz strongly recommended to the FBR to impose 30 percent tax on the bank deposits of non-filers under the taxation reforms agenda.

Addressing a press conference on the FBR’s Anomaly Committee at the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Headquarters here on Monday, Gohar Ijaz stated that the government must impose 30 percent tax on black money of non-filers.

Around 90 percent money of non-filers in banks is black money. Instead of banning foreign travel, non-filers should not be allowed to withdraw money from banks till they deposit 30 percent tax and become filers.

Non-filers: FBR proposes WHT raise on cash withdrawal from banks

Atif Ikram while talking about the budget anomalies, said 30% tax be imposed on the money kept in banks by non-filers - Rs13 trillion will be collected in a day.

Gohar stated that the government has imposed taxes of Rs 2 trillion on the general public. At the same time, the government must immediately cut its expenditures by 4.33 percent of the gross domestic product (GDP) and submit its plan in the National Assembly.

The agreements with the Independent Power Producers (IPPs) should be terminated immediately, he added.

If agriculture is a provincial matter, the federal government can introduce usher system and impose Ushr tax on agricultural income, instead of burdening salaried class and exporters, Gohar added.

Atif rejected the concept of late-filers and non-filers saying everyone should be a filer.

“We can take the number of return filers up to 50 million by introducing a simple tax return form of five lines or one-page under self-assessment scheme,” he added. Sheikh stated that we are not seeking any subsidies from the government, but all persons earning income should be made filers for equitable taxation.

The FPCCI has outrightly rejected the Finance Bill proposal of the FBR to treat businessmen involved in fraudulent activities should be punishable up to 10 years with non-bailable offence.

The business-friendly scheme is good, but the non-bailable warrants are reprehensible. The tax culture has to be made respectable, he said.

The FPCCI has also rejected the change in the tax regime for exporters.

The FBR’s Anomaly Committee also recommended restoration of zero-rating regime on petroleum products to enable them to adjust input sales tax.

The committee rejected the FBR’s proposal of 5 percent federal excise duty on commercial properties and first sale of residential properties, as the FED is a federal subject.

The FBR’s Anomaly Committee also recommended restoration of exemption on medical supplies to charitable supplies to chartable hospitals.

On this occasion, Pattern Chief UB SM Tanveer, Senior Vice President Saqib Fayyaz Magu, Vice Presidents Zaki Ejaz, Tariq Jadoon, Aoun Ali Syed, Capital Office Chairman Karim Aziz Malik, Coordination Chairman Malik Sohail Hussain, Mian Zahid Hussain, Ahmed Jawad, Habibullah Zahid and others were also present.

Copyright Business Recorder, 2024

Comments

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Shahzaib Khan Jun 25, 2024 08:05am
I think the geniuses in the chamber need some mental health counseling. They must be watching too many South Indian movies because their economic solutions are straight out of those Tamil movies.
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Usman khan Jun 25, 2024 08:49am
Cool , lets sink the banking sector altogether People will stop using banks and system will collapse within a day
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Maqbool Jun 25, 2024 09:36am
Well said, how can FBR and Islamabad have a special word ‘non filer’ for Tax thief’s? Bank accounts and Travel and passports and land transfers only for Filers. No one shud be Tax free including VVIPs
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T Jun 25, 2024 10:07am
sheikh just being a sheikh, he can't help it. why try to act intelligent when you fail miserably every time. If government decides to tax the non filer deposits why will they bother to deposit it?
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Nazar chohan Jun 25, 2024 10:42am
Atif and ijaz dono mc bewakoofon sy yeh btau k zardari, pia, nawaz etc ny jo trillions of dollars awam k lootain corruption ki h pehly wo in haramkhoron sy wasool kro to sb awam khd filler ban jaiy gi
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Fazal Jun 25, 2024 04:13pm
IPPs contract to be terminated as the whole money collected in form of tax is going to them which is owned by politicians
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Fazal Jun 25, 2024 04:15pm
Why we bear the cost of their protocols and lavish life. A common man having 3 fans in home is paying 20000 plus electricity bill. The govt should immediately cut off its expenses and protocols
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Faiq Jun 25, 2024 05:11pm
Then what about people who don't come in the minimum tax bracket and deposit their monthly cheques and such in their banks. They are the ones who suffer the most underrated these non-filer regimes.
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Pakistani Jun 25, 2024 05:57pm
Many Overseas Pakistanis are non filers. paying 30% withholding tax on their interest income. MOF needs to clarify rules and avoid steps which may lead to capital flight. Bring businesses in tax net.
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Pakistani Jun 25, 2024 06:11pm
Many non filers are Overseas Pakistanis. paying 30% WHT deposit income. Don't make their life difficult. Recognize Overseas Pakistani status through NICOP and avoid punishing them.
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SA Jun 25, 2024 08:02pm
Path to destruction of economy & banks!
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SA Jun 25, 2024 08:03pm
Path to Distruction of Economy & Banking Systems!
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Gnay Aly Jun 25, 2024 09:08pm
Totally
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Mubashar Jun 26, 2024 03:55pm
Ye tex kis pay lagy ga
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E Jun 26, 2024 09:17pm
Take back control now of sbp and gov should be able to print its own money while sbp can suggest the policy rate as an autonomous body. real progress will be possible.
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E Jun 26, 2024 09:20pm
@Mubashar, to payback existing loans. we need a global jubilee. global debt is mot sustainable anymore.
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Adeel Jun 27, 2024 11:04am
Dubai ma 12 Arab dollars kis ky Hain... Bas ey bata do aur wo kysay kamai.... Non filers par 50 percent tax Laga dyna.... Arsot of chambers of commerce
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Taha Jun 28, 2024 07:58pm
How you can impose usher while someone paying it to poor people around him. Commodities like wheat, rice usher given in that same commodity. Or pay cash to poors around him
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Arshad Jun 29, 2024 08:19pm
Bank deposits are not black .money you can judge the calibre of adviser instead industry is established through Black mony and tax stealing
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Arshad Jun 29, 2024 08:29pm
Finance Minster has pocketed 15 percent tax relief for banking sector despite windfall profit of billions.Persons having conflict of interests should not be taken in advisory committee .
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Abc Jun 30, 2024 10:43pm
IMF is owned by Jews & we follow them.shame on us.Why we need to follow IMF & what will happen if we don't obey them.See Afghanistan they don't bow there heads 2 IMF having a great life.why can't we.
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