SPEAKING about the restoration of the Universal Self Assessment Scheme (USAS), the minister concerned has said he was hopeful that it will enhance a taxpayer’s confidence and will help in achieving the desired results. However, simplifying tax laws and procedures, and reducing tax rates are equally important to broaden the tax base and increase the tax revenue.
The existing tax laws are complicated and beyond comprehension. Therefore, a majority of the taxpayers has to seek services of tax practitioners and pay additional charges to help them file the tax return. In the good old days, the taxpayers were expected to file a tax return through a simple form and a bare minimum percentage of cases were selected for detailed audit; the rest of the returns used to be accepted under the USAS. The wealth statement was mandatory byond a certain bracket of income, and wealth statement and personal expenditure statement were not even required except for cases selected for audit.
ISLAMABAD: Minister for Finance Shaukat Tarin on Sunday said that there would be Universal Self-Assessment Scheme in the Federal Board of Revenue and only 3 percent audit through third party would.
ISLAMABAD: Minister for Finance Shaukat Tarin on Sunday said that there would be Universal Self-Assessment Scheme in the Federal Board of Revenue and only 3 percent audit through third party would.
‘PM retains tax exemptions for SEZs’
National
March 13, 2021
ISLAMABAD: Special Assistant to Prime Minister on Revenues Dr. Waqar Masood said on Friday that the government has retained the Special Economic Zones (SEZs) from the proposed withdrawal of income tax exemptions in order to protect investments, especially in the context of China Pakistan Economic Corridor (CPEC).
“Prime Minister Imran Khan himself kept the exemptions for SEZs, especially for CPEC intact, as the top guns who are promoting investment argued that if the government breached its commitment to providing tax exemptions on SEZs, it would hurt the investors’ confidence,” the SAPM, Dr. Waqar Masood, said in an interview with The News here at his office on Friday.
‘IT exemptions for SEZs preserved by PM’
National
March 13, 2021
ISLAMABAD: Special Assistant to Prime Minister on Revenues Dr. Waqar Masood said on Friday that the government preserved the Special Economic Zones (SEZs) from the proposed withdrawal of income tax exemptions in order to protect investments, especially in the context of China Pakistan Economic Corridor (CPEC).
“Prime Minister Imran Khan himself preserved exemptions for SEZs, especially for CPEC, as the top guns who are promoting investment argued that if the government breached its commitment to providing tax exemptions on SEZs, it would hurt the investors’ confidence,” the SAPM, Dr. Waqar Masood, said in an interview with The News here at his office on Friday.