Finance Minister Ishaq Dar will chair a meeting with representatives of business and trade on Monday (July 27) at Federal Board of Revenue (FBR) to get update on the agreement signed between business community and FBR regarding facilitating taxpayers in obtaining registration and filing of their tax returns.
Sources told Business Recorder here on Thursday that the meeting was convened as follow up of the decisions taken in the agreement between business community and FBR dated July 9, 2015. The agreement between the two sides calls upon non-filers to file their returns on or before September 30, 2015 for period ending 30th June 2015.
The FBR wanted to convene the meeting before Eid but on the request of business community it was delayed and convened after Eid holidays. The FBR is ready to facilitate the taxpayers by accepting their genuine demands on taxation matters. The FBR would ensure end to harassment of taxpayers so that taxpayers can voluntarily come into the tax net.
Under the agreement, 0.3 percent WHT adjustable would be applicable for non-filers upto 30.9.2015. Secondly, non-filers would file their returns on or before September 30, 2015 for the period ending June 30, 2015. Thirdly, extension of schedule-III of the Sales Tax Act to be undertaken/considered on sector to sector basis for sales tax. Fourthly, turnover tax would be agreed as per various trade and sectors after consultation between FPCCI and FBR. Fifthly, the FBR and business community shall hold in depth and meaningful parleys to resolve the issues related to filing of returns.
According to sources, the FBR will determine the extension of Third Schedule of the Sales Tax Act 1990 on sector to sector basis for sales tax collection. The sales tax would be collected on printed retail prices from items to be included in the said Schedule. The FBR would decide about the ratio of turnover tax on sector to sector basis. There was an apprehension among the trade that if they would declare all their accounts, their turnover would increase which would raise the ratio of turnover tax. It has been decided that the turnover tax would be fixed (according to various trades and sectors) with consultations between representatives of business community and FBR.
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