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Income tax self-assessment system should be fully restored: Ajmal Baloch

Income tax self-assessment system should be fully restored: Ajmal Baloch

ISLAMABAD: Ajmal Baloch, President All Pakistan Anjman Tajran and Traders Action Committee Islamabad, and Khalid Chaudhry, secretary and former senior vice-president ICCI, have said that traders have lost their business over the past year and a half.  Most of them are facing default. Instead of squeezing the existing taxpayers further, new taxpayers should be registered.  Only two and a half million statements are collected while eight million commercial electricity meters are installed across Pakistan.

The records of all these connection holders are with the electricity distribution companies.  These consumers pay 10% income tax on electricity bills in advance. Only such people need to submit regular returns, thus reducing the burden on existing taxpayers.  They further said that the condition of identity card on purchase is currently inappropriate.

This condition should be postponed or a condition of Rs. 1 million should be placed.  Ordinary buyers avoid giving a copy of the ID card.  They further said that an agreement was reached between FBR and Anjuman-e-Tajiran last year which has not been implemented by FBR yet.  It was agreed to make income tax return form simple and one page but it did not happen. It was agreed to make committees of local organizations and FBR in different cities but it could not be implemented.

They further said that in the time of Shaukat Aziz, self-assessment system was introduced in income tax but it was changed over time though with the advent of this system there was a significant increase in tax revenue and officers intervened.  He further said that every year 10% of the cases are selected for total audit through ballet and about 15% of them come for total audit due to various reasons.  Due to the current economic situation and the devastation of Corona, the battling and discretionary powers should be restricted and all the returns collected should be accepted as it is and the income tax self-assessment system should be fully restored.  Demanded that Shoukat Tareen Federal Finance Minister to  provide relief to small traders instead of presenting a traditional budget