Lahore: The local business community on Tuesday requested the Federal Board of Revenue (FBR) to exempt all sectors of the economy from declaring their sources of income, a news source reported. To this effect, the Rawalpindi Chamber of Commerce & Industry (RCCI) recently asked the taxation agency to extend the exemption from Section 111 of the Income Tax Ordinance to all sectors during the passage of Budget 2020-21.
RCCI President Saboor Malik suggested this measure during a video link meeting with the FBR for discussing budget proposals 2020-21. He suggested that the FBR should defer all types of tax audits, collections, and recoveries due to the ongoing coronavirus situation. He added that tax filers should receive credit on their income based on the average tax paid on a monthly basis. He proposed that all sectors should get incentives and relief packages in the wake of the COVID-19 pandemic.
The RCCI president said that the Section 111 of the Income Tax Ordinance, which pertains to the declaration of source of income, should be waived off for investment in all sectors. He also appreciated the FBR for conducting the video link meeting – stating that it would strengthen the confidence building between the authority and the business community.
