Islamabad: The federal government is currently considering a proposal to ban the products of tax evading brands in the next budget, a news source reported.
The proposal was submitted by an institution named ‘Pay Tax, Build Pakistan’. The organisation’s chief Khalid Pervaiz, while elaborating the proposal, said that this will help decrease the volume of informal business and help document the economy.
The proposal submitted with the Federal Board of Revenue (FBR) states that the board has compiled a report of 36 brands, which reveals that if the manufacturers of one brand default on the payment of sales tax, they simply sublet the manufacturing. This not only results in increased undocumented manufacturing, but also causes revenue losses where taxes are not paid.
The proposal suggests that if a brand defaults on tax payments, its products should be banned until it can clear its payments with the FBR. Moreover, the subletting of manufacturing should also be fined.
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