LAHORE: Provincial Finance Minister Dr Aysha Ghaus Pasha has announced to implement reduced rate scheme to provide relief to the small businesses in sales Tax.
Aysha Ghaus Pasha said this while presenting Rs 1,447.2 billion Punjab Budget 2015-16 here in the Punjab Assembly on Friday.
Under the scheme, small businesses will pay taxes from 2 percent to 10 percent instated of 16 percent, she said, adding that in this regard approximately one dozen sectors will pay sales tax according to a flat tax rate between 2 to 10 percent under the scheme.
On the other hand, the Punjab Revenue Authority will implement Restaurant Invoice Monitoring System in order to make the tax collection system transparent in the sector.
Additionally, she informed that the PRA has set Commissionrates in Rawalpindi, Gujranwala, Multan and Faisalabad.
During the financial year 2014-15 tax system had been made more effective and transparent by implementing latest technology and improved the tax collection system.
