LAHORE: In a bid to increase tax net and to convince the business community to pay tax, the government is set to decrease the income tax ratio of wholesale dealers of 15 different sectors including sugar, flour, chipboard, cement, steel, all food items, pulses, textile etc by up to 70 percent.
The government took the decision on the recommendations of the Finance Ministry’s Income Tax and Sales Tax Committees. Meanwhile, the government has also decided to introduce single-page tax return form to facilitate illiterate traders.
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According to the officials of Federal Board of Revenue, the government has constituted committees for tax reforms after the shutter down strikes by the business community.
The officials said that the government would not withdraw its decision of imposing 0.3 percent WHT on all banking transactions for non-filers. However, they added the government is seriously thinking to withdraw the levy for filers on cash withdrawal while there is already no tax all banking transactions for them.
