ISLAMABAD: The on-going negotiations between the Federal Board of Revenue (FBR) and businessmen on the issue of withholding tax on banking transactions are heading toward successful conclusion.
Talking to Customs Today, All Pakistan Anjuman-e-Tajran President Ajmal Baloch said that these negotiations have to be concluded before December 31 because after the expiry of this date no further extension will be announced for submission of income tax returns. He said a new performa will be issued both in English and Urdu languages, so the traders can file these before December 31, 2015. He said that the negotiations which were going to take place on December 2 were postponed because the FBR chairman was busy in his official assignments in Lahore. Now these negotiations will be held next week.
Replying to a questions Ajmal Baloch said that we are concentrating on the issue of making sales tax returns form in simple language so the traders can understand and file them easily, and this measure will also encourage more traders to come under tax net.
Ajmal Baloch said that if traders will buy items on higher rates then they will definitely sell them on higher rates and that will increase inflation in the country. He said inflation of Pakistan is much higher than as compared to India, and Bangladesh. He said in Pakistan a salaried person spends 47% of his income on daily consumable items while in America they spend only 6% of their income on daily consumable items.
