ISLAMABAD: Federal Board of Revenue Chairman Suhail Ahmed said Wednesday that more than 700, 000 would be brought into the tax net after imposition of value added tax from 1st July this year.
This he said while briefing the members of Senate’s Standing Committee for Finance here.
“Pakistan is yet to bring half of its economy, which comprises of informal sector, into the tax net, he said, terming it the main hurdle in tax collection. “
Ahmed said value added tax might increase inflation but added that its impact could be reduced if special excise duty on imports was slashed by one percent.
The FBR Chairman said that the promulgation of VAT would remove the power to sanction tax exemption and the FBR would be bound to seek approval from the Parliament.
Source: http://www.geo.tv/Business.htm
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