Proposal to retain ST, turnover tax rates at 16%

KARACHI: Maqsood Ismail, President, Lasbela Chamber of Commerce & Industry (LCCI) during a meeting has extended congratulations to Tariq Bajwa, Chairman, Federal Board of Revenue, for taking charge of his office.

Chamber president also discussed the matters pertaining to sales tax and the problems being faced by business community due to measures taken in the current federal budget, which were adding to the cost of doing business, rendering them incompetitive.

Ismail suggested that the sales tax and the turnover tax rates should be retained at their previous level of 16% and 0.5% respectively in order to enable the business community to keep the cost of production under control.

He also suggested that the sales tax paid by a registered person on behalf of unregistered person in case of any purchases from them should be adjusted as in-put tax to avoid extra burden on the tax payers.

Ismail further proposed that Income Support Tax and access of tax officer to the bank account of tax payers should be withdrawn in order to control the corrupt practices and for building of confidence of the business community, who always try their best to keep the economic wheel moving under any economic or political circumstances.