ISLAMABAD: Tax Reform Commission (TRC) Chairman Masood Naqvi has stated that the Federal Board of Revenue (FBR) can collect double revenue after enforcing tax laws.
He also proposed that they would convince the multilateral donors such as the IMF and the World Bank for declaring one financial year without holding up refunds amounts and obtaining any advances in order to get clean slate instead of ballooning up revenue figures for achieving the tax collection target.
“One multinational said that Rs5 billion refunds were stuck up with FBR. There was no need to accumulate liabilities for the sake of showing inflated figures,” Naqvi said while addressing National Tax Summit organised by SDPI and OXFAM.
Giving example of India’s move in their recent budget, Masood Naqvi said that they introduced in their tax laws to confiscate assets equivalent to the property purchased abroad if the money was not transferred outside India through legal channels. He also said that the ‘Benami’ property in case of non-declaration would be confiscated in India.
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