ICMA Pakistan has called for simplifying tax structure

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KARACIH: ICMA Pakistan, in its pre-budget proposals 2019-20 to the government, has called for simplifying the present tax structure which signify a major impediment in ease of doing business reforms.In this context, it has proposed that there should be a single mode for determining income tax liability i.e. net income basis instead of several modes which are presently applicable viz. net income basis, final taxation regime, minimum tax on turnover, alternate corporate tax, minimum tax on services etc.Further, the Return filing process for all taxpayers should be simplified and the number of tax payments required to be made during the year should be reduced.Similarly, ICMA Pakistan has also called for simplifying the sales tax laws, in particular deletion of provisions of Section 8B of Sales Tax Act, which is not only contrary to the basic principle of value addition but it has also resulted in interpretational issues.ICMA Pakistan has further proposed that the taxation laws should be re-structured in line with our economic priorities and needs; especially in areas of education, health, employment, industrialization, law and order, security, science and technology, production, investments and savings, governance, etc.To improve the ease of doing business, ICMA Pakistan has suggested to introduce a single online integrated Sales Tax Returns filing procedure for Federal and Provincial Sales Tax declaration, instead of current separate filing requirements for federal and each province.*****

from The News International - Karachi http://bit.ly/2JTBXS9
The News International - Karachi