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SAARC seminar on tax policy, reforms begins in Indian city of Nagpur today

SAARC seminar on tax policy, reforms begins in Indian city of Nagpur today

ISLAMABAD: A week-long seminar on Tax Policy, Reforms to Improve Progressive Taxation is starting in Indian city, Nagpur from today (Monday).

The seminar is being organized under the umbrella of South Asian Association for Regional Cooperation (SAARC) with an objective to share best tax practices among the member states as well as to learn from each others experiences.

A progressive tax is a tax where the tax rate increases as the taxable base amount increases and term “progressive” refers to the way the tax rate progresses from low to high, with the result that a taxpayer’s average tax rate is less than the person’s marginal tax rate. The term can also be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime.

A well-placed source at Federal Board of Revenue (FBR), Saturday, told this scribe here that the event was a part of series of events being organized by the SAARC to enable the member states to overcome their financial issues and problems by making their tax systems more effective.

The source said that FBR had received invitation from SAARC secretariat for nomination of delegation to attend the seminar and FBR had responded quite well in time. But, due to short of time, the source said that FBR finalized the nomination of officers in a hurried manner.