Islamabad: The Federal Board of Revenue (FBR) recently expressed its willingness to reduce or abolish the 3% additional sales tax applicable on supplies made available to unregistered businessmen; provided these individuals agreed to register themselves with the sales tax department — a news source reported.
According to the details available, the tax authority’s representatives revealed this information during a meeting of the sub-committee of the Standing Committee on Finance. They further stated that the 3% tax was applied on the transactions made by unregistered individuals in addition to the usual 17% sales tax applicable on everybody. This has allowed the FBR to collect PKR 40 billion in additional revenue.
In related news, the convener of the sub-committee Dr Ramesh
Kumar Vankwani revealed that the government was considering bringing forth a
new tax amnesty scheme for people who had not been able to avail the last two
ones. He added that such businesses had been requesting the government for
another amnesty scheme, and that it was the need of the hour.
