LAHORE: The government is trying to introduce a uniform sales tax system and if the tax rate, which at present is only 11 per cent, is not increased it will lead the country towards bankruptcy, said State Minister for Revenue Hammad Azhar.
The minister, accompanied by Federal Board of Revenue (FBR) chairman Shabbar Zaidi, was meeting with heads of various trade associations and businessmen at the Lahore Chamber of Commerce and Industry.
Expressing grave concern over the budget 2019-20, the traders’ community criticised the government for doubting everybody and urged the minister and chairman FBR to make efforts to ensure that uncertain business environment was done away with.
On the occasion, the FBR chairman said the main theme of the federal budget is the development of industrial sector and to generate employment opportunities. Keeping in view the problems of business community regarding customs duty, valuation and clearance, ratio of Green Channel would be taken to 60 per cent. He further said that Sales Tax Registration process has been automated while certification for imports would also be automated soon as automation.
“Automation in FBR is the need of the hour and the government wanted less human inference in the tax system by utilizing modern technology to strengthen its transparency and accountability system”, Zaidi added.
Responding to a question, he said that FBR was ready to consider new legislation for Small & Medium Steel Melters. While answering another question, the chairman FBR said that condition of CNIC of the buyer was not applicable yet.