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Zero tax exemption policy suggested

Zero tax exemption policy suggested

LAHORE: Wholesale Chemist Council Punjab President Akhtar Butt has suggested introduction of zero tax exemption policy in the budget 2014-15.

He said that government should expand the tax base and increase revenue through recovery of direct taxes. He said that government should eliminate indirect taxes pleading that it will address the problem of price hike.

Pakistan Cotton Ginners Association (PCGA) Vice Chairman Asim Saeed Sheikh has urged the government to take practical steps to accord due respect to taxpayers and punish officials on harassing them.

He demanded that practice of issuing Statutory Regulatory Orders (SROs) be stopped and Parliament alone instead of FBR should be authorized to issue SROs only in unavoidable circumstances.

Asim said salaried individuals, industrialists and traders share major portion of the national tax base. He underlined the need for introducing new taxpayers like doctors, teachers/professors, lawyers and other professionals who earn heavy amounts through private practice at clinics/hospitals and tuition centres etc.

Tax practitioner Syed Khalid Javed has advocated a simplified tax recovery system with lower tax ratio but added that at least 100,000 to 200,000 new taxpayers should be added to the national tax base to extract maximum benefits out of the suggested measures.