FBR should also announce amnesty for income tax cases to achieve tax target

ISLAMABAD: Government should take additional measures for simplification of tax system against the target of Rs1,952 billion for ongoing fiscal year.
These remarks were made by Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry during a meeting at Chamber House. He said that Exemption from penalties and default surcharge for all
taxes will be beneficial for maximum revenue collection during this financial year.
He said that exemption from default surcharge and penalties has been announced in Sales Tax and Federal Excise cases through SRO 548 dated May 22. Whereas, in case of Income Tax amnesty has been given to withholding tax agents only through SRO 548 dated May 22. Thus, he said that such amnesty should be announced for Income Tax cases as well where any amount is outstanding on account of any audit observation, audit report, show cause notice or any adjudication order or who has failed to pay any amount of tax due under the income tax ordinance 2001 due to any reason.
ICCI President said that Government should announce the realistic economic targets for forthcoming fiscal year 2012-13 by keeping in view the ground realities to achieve sustainable development. He said that amnesty across the board for all taxes…
Islamabad News Sources

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Posted by News Pakistan Admin on May 26 2012. Filed under Latest News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry