PIAF demands simplification of tax system.
Lahore: The Pakistan Industrial & Traders Association Front (PIAF) has demanded a simplified taxation system in the country, a news source reported. The PIAF leader Sheikh Sajjad Afzal asked for reforms addressing the issue of double taxation.
Experts urge government to simplify tax regime
As per the publication, Afzal urged for consultation with stakeholders for introducing reforms and simplifying the taxation system. He suggested the integration of the provincial and federal government laws to address the matter. The PIAF chief also asked for harmonisation of the Federal Board of Revenue (FBR) and the Punjab Revenue Authority (PRA).
The association’s leader submitted these remarks as part of his proposals for the Financial Budget 2020-21 to the FBR. He added that there should only a one-time charging of the taxes by either the provincial government or the federal government. He explained that the provincial governments charge the same kind of tax as the federal government – increasing production cost.
FBR launches simplified sales tax registration system
Afzal, in his budget proposal, further demanded the harmonisation of sales and income tax laws. He requested to get rid of provisions that conflicted with each other. He also demanded the enhancement of the tax base by automating and integrating the tax agencies with other public entities.