KARACHI: The Federal Board of Revenue (FBR) and traders community finalized their recommendations to curb smuggling and under-invoicing.
Sources told Customs Today that they have already prepared a Return Form for small traders. The traders committee will submit their final recommendations to Finance Minister Ishaq Dar on August 13, 2015.
In their proposals, the traders asked the government to decrease duty on some major items. The government should take measures to stop under-invoicing of Rs 4 billion to Rs 5 billion in Pakistan China trade. They also suggested that the government should declare 1 percent turnover tax for small traders. The traders were of the view that one page tax return form will facilitate small traders.
