ISLAMABAD: While reviewing the amendments moved by the Federal Board of Revenue (FBR) in the Income Tax Act, the Senate Standing Committee on Finance and Revenue, has approved a proposal to establish a Directorate General of Broadening of Tax Base at the FBR as mentioned in the federal budget 2017-18.
According to details, Senate Finance and Revenue committee met here with Senator Salim Mandviwala in the chair to review the budget proposals presented by the government for the upcoming fiscal year. The committee also directed the FBR to look into the matter of removal of presumptive tax regime (PTR) and collection of taxes from the people of Khyber Pukhtunkhwa.
Actually, some of the senators had raised the point that as per directions of the prime minister, the people of Khyber Pukhtunkhwa were exempted from a number of taxes as it was the terror hit province. However, he said that the FBR had removed the said exemptions and started collecting taxes from the people, which was a dire injustice to the people.
Members proposed increasing tax rates on the bank transactions made by non filers of the tax returns; however, FBR informed the committee that already tax rate had been increased by 50%; therefore, committee proposed an increase of 10% in the tax rate from non filers.
FBR officials told committee that Rs 15 billion had collected from real estate sector last year, however, committee proposed the FBR to launch a mass campaign against Benami Properties and transactions for the public welfare.
The committee proposed meritorious services’ reward for officials and staff of FBR for showing outstanding performance as well as punishment and fine for those whoever would frame a false and fake case against anyone.
Committee also heard the viewpoint of steel/metal association and CNG association about their budgetary proposals regarding both the sectors as well as their comments and suggestions about the budget presented by the government for the coming fiscal year.
