Only 1.1m filed tax returns for 2015-16

only-1-1m-filed-tax-returns-for-2015-16

Only 1.1m filed tax returns for 2015-16 ISLAMABAD: The Federal Board of Revenue (FBR) received 1.1 million income tax returns in tax year 2016, a senior tax official said on Wednesday.

“We are expecting more returns this year because the cost of doing business for non-filers has increased,” FBR Member (Inland Revenue) Policy Rehmatullah Wazir said while briefing participants of the 105th National Management Course at the FBR headquarters.

Mr Wazir said several measures are being taken to raise the cost of doing business for non-filers, which will compel them to become part of the tax system.

In his presentation on the Inland Revenue Service, he said the FBR has taken a broad range of measures in recent months to widen the tax base.

“We believe there is a tax potential equal to Rs5,500 billion-Rs6,000bn,” he said, adding that efforts are being made to realise this potential for socio-economic spending.

He said the FBR has also taken a host of measures, including the establishment and maintenance of a central databank, simplification of tax procedures, increased reliance on direct taxes within the tax-mix, minimum tax exemptions and withholding tax, robust audit and greater transparency, to promote a culture of tax compliance.

Speaking on the occasion, FBR Member (Customs) Nasir Masroor Ahmed gave the visiting officers an overview of the role and responsibility of the Pakistan Customs Service in revenue mobilisation, trade facilitation and effective border management.

Mr Ahmed said the customs service is contributing significantly to tax revenues. He said the department is taking policy measures to deal with challenges in the wake of Intellectual Property Rights (IPRs) enforcement, exponential rise in international trade and more sophisticated clients.

He said the proliferation of regional trade agreements and compliance with international conventions are being met through end-to-end electronic solutions, efficient implementation of trade agreements, withdrawal of exemptions and curbing border smuggling.

Source: http://www.dawn.com/news/1288242/only-11m-filed-tax-returns-for-2015-16

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