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FBR, traders reach settlement over tax issues

Web Desk by Web Desk
October 30, 2019
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economy
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ISLAMABAD: The Federal Board of Revenue (FBR) and all traders union of the country on Wednesday reached an agreement on tax issues.

“All the decisions have been taken with mutual consent. This would have pleasant effect on our national economy and people would see that the trader community and government are cooperating with each other in the future as well,” Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said while addressing a press conference in Islamabad. He was flanked by leaders of trader unions, Chairman FBR Syed Shabbar Zaidi and Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Khan Tareen.

Prime Minister's Adviser on Finance Abdul Hafeez Shaikh briefs media in Islamabad

Posted by Radio Pakistan News on Wednesday, October 30, 2019

Reading clauses of the agreement on this occasion, he said action on condition of the CNIC on sales and purchase had been postponed till January 31 2020, for three months.

The PM’s advisor said issues faced by jewelers would be resolved in collaboration with jewelers association on priority basis.

Withholding tax on renewal of license fee imposed on middleman would be reviewed, he said.

Also Read: Talks with traders underway to bring positive results: Hafeez Shaikh

He announced that a special desk would be established at the Islamabad FBR office for dealing with the issues faced by traders. A 20 or 21 grade officer would be posted in the office, who would meet traders every month so that the process of negotiation between the government and traders continued, he maintained.

Abdul Hafeez Shaikh said simple forms would be provided in Urdu for registration and filing of income tax by new traders and the traders committees would fully cooperate in registration of new traders.

Shop built on 1000 murabba feet would be exempted from registration in sales tax and it would be further finalized in consultation with traders committees, he said.

Decision regarding sales tax imposition on the retailer who is also involved in wholesale business would be taken in consultation with traders unions, he read.

لائیو: حکومت اور تاجروں کے درمیان مزاکرات

لائیو: حکومت اور تاجروں کے درمیان مزاکراتمزید جاننے کے لیے لنک پر کلک کریں: https://www.youtube.com/channel/UC0Um3pnZ2WGBEeoA3BX2sKw?sub_confirmation=1&fbclid=IwAR2pmf30gB7D1qi_OT6oOw8WeNonOeO-2WcBxJcOGmPVpzMhAEhc7HwoPQk

Posted by HUM News on Wednesday, October 30, 2019

The PM’s advisor said those having sales up to 100 million rupees per year would not become withholding agent. Rate of turnover tax had been reduced from 1.5 percent to 0.5 percent on sale of 100 million rupees a year, he added.

“For registration in sales tax, limit for electricity bill would be Rs1.2 million a year now.”

Traders on this occasion announced to call off the strike across the country.

Shaikh regretted that active tax payers from four million traders in the country were less than 0.4 million.

Good News for the economy. An agreement has been reached between the government & the traders community to increase tax revenue for growth & public development and to provide support for the traders & generate economic activity. pic.twitter.com/o4rH59vCyM

— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) October 30, 2019
Tags: FBRsettlementtax issuesTraders
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