KARACHI: Shahid Hussain Asad, the Federal Board of Revenue Inland Revenue Policy member, has said that the tax rate on non-filer would be doubled besides there would be no change in tax returns in the upcoming fiscal year budget.
He was addressing at a seminar organized by the Institute of Chartered Accountants of Pakistan (ICAP) at a local hotel here on Tuesday.
Speaking at the occasion, Shahid Asad informed the participants that the FBR has collected Rs1950 billion so far, adding that Rs 2650 billion would also be collected by the end of this fiscal year 2014-15.
Speakers at the pre-budget seminar suggested the government to re-organize the Federal Board of Revenue (FBR) with functional specialization at the Large Taxpayer Unit and Regional Tax Office (RTO) level.
On the occasion, Chairman ICAP Taxation Committee, Naeem Akhtar Shaikh said that dynamic and robust FBR is critical to increase the tax compliance, adding that four functional divisions need to be created to improve the tax collection in the country.
“Operation/enforcement, taxpayers audit, registrations (broadening of tax base) and litigation support, the key functions that are needed to be overhauled in the FBR,” he asserted.
He further said that the re-organization of FBR would help in developing of compliance program by each division and a complete ownership and accountability of the program.
He said that scope of policy broadening should be enlarged to include formulation of fiscal policy in consultation with stakeholders.
Chairman ICAP also suggested reducing the effective corporate tax rate by 5 per cent from 30pc to 25pc.
