Budget proposals 2014-2015: carbon tax on industry recommended

KARACHI: The business community has proposed an idea that Federal Board of Revenue (FBR) should impose carbon tax on industry for the consumption of fossil fuel (over and above the accorded limit).
It will safeguard quality of environment and it said that predefine limits of fossil fuel consumption will decrease the rate of carbon gases diffusion.
It is recommended that FBR should establish a cell for looking into new areas where taxes could be introduced.
The business industry has given another proposal that electronic cash registers should be made mandatory at every retail outlets for increasing the documentation of sales and purchase however, it is also suggested that it would raise tax evasions.
Similarly, an effort was made to introduce electronic cash registers at every retail outlet in the country but the government backed away from implementation of the universally accepted system when the retailers agitated.
Moreover, it is suggested to the government that tax returns should be filed by every individual whose total income of year is 4 lakh or more and every income earner should obtain their National Tax Number (NTN).
It is highlighted that tax authorities should ensure that all NTN holders file tax returns.
The business industry said that every individual, association of persons, corporate body and NGOs/NPOs should file annual tax returns, as well as wealth statement, irrespective of their source of income.
It is mentioned that this practice will eliminate the incidence of income earners showing an income of less than Rs 4 lakh to avoid filing of income and wealth returns.
The Federal Board of Revenue (FBR) will have more accurate information on income being generated. It further added that this can also serve as a base for taxation whenever the respective exemption is withdrawn.

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