Fixed tax regime to be eliminated gradually: Shabbar Zaidi

KARACHI: Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi has said the Fixed Tax Regime (FTR) would be gradually eliminated.

“The 6.0 percent fixed tax regime has ended the relationship between real income and taxation thereof, which is unjustified. In the long term there will be no FTR for any sector,” Zaidi said speaking at Karachi Chamber of Commerce and Industry (KCCI) on Saturday.
Chairman FBR said there was no record or data of shops and industrial units in the country adding, a comprehensive database was being prepared regarding shops, sales outlets and industrial units, which would be utilized to broaden the tax base.
“Around 300 companies contribute 80 percent of the total tax revenues. Individuals and businesses don’t pay taxes and they don’t file returns. The data of non taxpayers would be shared with the people of Pakistan.”
Talking about the stuck up tax refunds, Shabbar Zaidi asked the business community to come up with a workable solution.
He said the markets were flooded with non duty paid and smuggled goods.
“Smuggling is a big problem and FBR has failed to control it. But dealing in smuggled goods is also a crime, I therefore request the business community to stop trading in smuggled goods.”
Shabbar Zaidi said the Asset Declaration Scheme was a good scheme and there was no ambiguity in it. He urged the people to avail the amnesty adding that nothing was hidden anymore and the authorities had all information about everyone.
He said the business environment in the country was not good adding that NAB, FIA and other such agencies were resorting to harassment of businessmen and shaking the business confidence. “I have personally talked to Prime Minister Imran Khan and apprised them the businessmen are not political opponents and the business environment must be improved.”
The office bearers of the KCCI apprised the Chairman FBR of tax/duty anomalies and issues faced by the business community.
Shabbar Zaidi assured of all possible support and assistance.
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