Islamabad Chamber Of Commerce And Industry Lauds FBR Initiative To Introduce Single Tax Portal

Islamabad Chamber of Commerce and Industry lauds FBR initiative to introduce single tax portal

The Islamabad Chamber of Commerce and Industry (ICCI) lauded the FBR initiative of introducing single tax portal for taxpayers to file their sales tax returns of goods and services at one platform, saying, it would help to reduce the cost of doing business

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Jul, 2019 ) :The Islamabad Chamber of Commerce and Industry (ICCI) lauded the FBR initiative of introducing single tax portal for taxpayers to file their sales tax returns of goods and services at one platform, saying, it would help to reduce the cost of doing business.

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

ICCI President Ahmed Hassan Moughal, Senior Vice President Rafat Farid and Vice President Iftikhar Anwar Sethi said that under the current sales tax regime, businessmen were facing difficulties in filing sales tax returns of goods and services as they had to file returns at Federal and provincial level separately.

However, they said, with the introduction of online single tax portal, all taxpayers would be able to file their sales tax returns of goods and services at a single window that would be a great facilitation for them.

Ahmed Hassan Moughal said that under the current sales tax regime, filers were also 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 this issue to minimize the chances of double taxation.

The ICCI President stressed that FBR should implement one national sales tax regime as the prime benefit of one sales tax structure is that Pakistan would become a common market.

He said that under the single sales tax regime, one product or service would have a single tax rate in any part of the country instead of multiplicity of taxes on the same commodity or service in various parts of the country.

He said that introduction of a single sales tax regime will also facilitate better growth of business activities as trade and industry will have a much lesser compliance burden.

It will also provide a level playing field to domestic manufacturers vis-vis imported goods.

He said that some countries have already implemented one sales tax structure and Pakistan should also consider it to facilitate the growth of business activities and improve tax revenue of the country.

Ahmed Hassan Moughal was of the view that the introduction of a single national sales tax structure would bring multiple benefits to the economy as it would improve the ease of doing business, make Pakistan an integrated economy and facilitate the seamless transfer of goods and services across the country.

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