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Single tax portal to cut business cost

Single tax portal to cut business cost

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the Federal Board of Revenue’s (FBR) initiative of introducing a single tax portal for taxpayers for filing sales tax returns of goods and services, saying it would help reduce the cost of doing business.

The FBR, in collaboration with the provinces, was working to introduce the portal, which would also contribute to improving the ease of doing business, the chamber stated.

ICCI President Ahmed Hassan Moughal said under the current sales tax regime, tax return filers were facing double taxation as some provinces were taxing a service at the place of origin while the same service was also being taxed at the place of destination in another province.

Therefore, he urged the FBR to work on that issue to minimise the chance of double taxation. The ICCI president stressed that the FBR should implement one national sales tax regime as the prime benefit would be Pakistan which would become a common market.