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Standing Committee Flags Concerns Over Finance Bill Proposals and FBR Reforms
- A meeting of the Standing Committee on Finance and Revenue in Islamabad addressed concerns over Finance Bill Proposals and FBR Reforms.
- Concern was raised over increased tax on profits and cash withdrawals, with a call to reduce tax for small depositors and raise the cash withdrawal limit.
- Opposition to gradual tax exemption withdrawal for FATA/PATA was expressed, labeling it as harmful to small-scale businesses.
- The FBR presented a transformation plan to bridge a tax gap of PKR 7.1 trillion, aiming to enhance Pakistan's tax-to-GDP ratio.
- Initiatives under the plan include Digital Production Tracking, Digital Invoicing, and Faceless Assessment System.
- Concerns were raised regarding Faceless Assessment System issues in Karachi and errors in Digital Production Tracking and Invoicing Systems.
- Chairman Qamar highlighted potential congestion at enforcement stations and practical issues with the cargo tracking system.
- Simplification of tax credits for housing loans and relief for salaried individuals were requested by the Committee.
- Discussion also covered revenue receipts, income tax measures, relief for coal miners, and taxes on e-commerce transactions.
- Issues related to advance tax rates, dividend tax on mutual funds, and sales tax were also addressed.
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