LAHORE: Besides many other privileges under Prime Minister Tax incentives package, the National Tax Number (NTN) holders, non-filers and new taxpayer will also be entitled to no audit, no penalty and no additional tax.
Large Taxpayer Unit (LTU) Chief Commissioner Mustafa Ashraf stated this while speaking at a session jointly organised by the Lahore Chamber of Commerce and Industry and Federal Board of Revenue (FBR) here. On the occasion, LCCI Vice President Kashif Anwar highlighted the point of view of his chamber while Chief Commissioner RTO-I Shafqat Mehmood and Chief Commissioner RTO-II Chaudhry Safdar Hussain responded to various questioned put up by the members.
He lauded the FBR role in facilitating the business community to tap maximum benefit from Prime Minister Tax Incentive Scheme. He said that the LCCI would continue its efforts to supplement the govt’s endeavours for increasing tax to GDP ratio.
He was of the view that the PM Tax Incentive Scheme was a golden opportunity for non-NTN holders and for those NTN holders who had discontinued filing tax return.
In his speech, the LTU Chief Commissioner said that the FBR would be approaching banks for only those businessmen who would not avail the scheme despite having heavy bank accounts and were enjoying a luxurious life style. He said that the scheme would not only boost to economic activities but would also bring down the graph of unemployment in the country.
Speaking on the occasion, LCCI VP Kashif Anwar said that the FBR should extend the date to accommodate more non-filers in the Prime Minister Tax Incentive Scheme. He said that the business community was not reluctant to pay due taxes but at the same time they wanted the FBR to expedite the refunds process. He said that delayed release of refund was creating cash flow problems for the established businesses.
He said that it was very unfortunate that the persons registered with Income Tax were treated as Unregistered with Sales Tax. This anomaly should be done away with as it was tantamount to squeeze the existing tax payers. He said that end to under-invoicing, smuggling, tax reforms, simplification of taxation procedures and expansion in tax net by bringing untaxed sectors into the tax net, downward revision in rate of taxes, cut in number of taxes would help put economy back on rails.
