ISLAMABAD: Federal Board of Revenue (FBR) Member and Spokesman Dr Muhammad Iqbal has said that a new ‘simple system’ may be introduced to release refunds.
This one-window system would be launched for the people, who are not liable to file returns but paying higher rates of withholding tax, said Dr Iqbal in a TV talk show.
The FBR spokesman further said that two major policy initiatives have been implemented in the past. Firstly, real estate and stock exchanges were properly brought under the regime of capital gains tax. Secondly, higher rates of withholding tax have been collected from non-filers of income tax returns to increase their cost of doing business.
Dr Iqbal said that the level of compliance has been improved following publication of tax directory of Parliamentarians every year. Since publication of tax directory, there is a substantial increase in contribution made by the Parliamentarians.
