April 10, 2019
Reviving Tourism - First Pakistan Tourism Summit 2019
“Travel makes one modest. You see what a tiny plCONTINUE READING
FBR (Federal Board of Revenue) is ordered to emphasize only on the tax collection. According to the latest news, all retailers whether small or big are in pressure of paying text or it will be a close shut for their business either big or small. Minister of State for revenue Hammad Azhar explained in his latest interview that the FBR will simply be focusing on tax collection as it is now mandatory to collect tax on all affairs.
The meeting in Lahore FBR's office was a success where a three-day conference went quite politely. The directives came during a speech and they declared the legislation for tax collection. Hammad Azhar also stated on his interview that he will be asking for special relief for small retailers who are unable to submit their tax, he asked the government to provide some more time.
However, he also stated in the same interview that no leniency will be provided to any individual who is up for taxation. So everyone should pay their tax on time or a strict action will be taken against them as it is now a mandatory deal.
The FBR ministry also discussed some new reforms which they have been planning on and are trying to build as soon as possible so no rule for taxation would be broken. The FBR system is now ready for taxations on sales and purchases. They are now doing a live collection on receivables whereas an eligible sales tax registration person can also go through it and can find all FBR's report under on limelight of taxations and rules of FBR.
Sales tax has always been considered as for growing up economically which is very important for a country like Pakistan, being into a developmental stage it should be gathering all possible ways to rise up in front of the world. IMF considered taxation as a wise policy and it should be treated fair and honestly to everyone in the country. The taxation policy applies in everything, as on any kind of purchase or sale.