LAHORE: Kashif Anwar, a member of Sales Tax Committee, has said that the Federal Board of Revenue has renewed the whole system of sales tax for retailers.
While talking to media, he said that the tax authority has abolished the restriction of sales tax registration for those retailers, having Rs 5 million turnover. He said that Sales Tax Committee, one of the three committees constituted by the government to facilitate talks and resolve issues facing the business community, has dispelled the fears of retailers and business community which has the misperception that the imposition of 0.3% bank withholding tax would show their actual turnover which may exceed Rs5 million and they would be forced to be registered for the sales tax regime.
The former LCCI vice president said that under the SRO 608(I)/2014 dated July 2, 2014, the federal government had revamped the entire system of sales tax for retailers. As per the new regime, different categories have been introduced for the registration of retailers, which included a retailer operating as a unit of a national or international chain of stores; a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks; and a retailer whose cumulative electricity bill during the immediately preceding 12 consecutive months exceeds Rs600,000.
Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Mian Idrees revealed that the government will cancel all anti-traders acts till the end of the current month. He said that govt has understood that tax base cannot be enhanced without announcing business friendly policies. All acts regarding investigations and inquiries of trades which cause harassment among traders will be abolished.
