Sunday, 16 August 2020, 12:47:46 am
Tax Amendment Ordinance to promote trade: FBR
January 04, 2020

Federal Board of Revenue says the Tax Amendment Ordinance will promote trade and facilitate traders.

According to a press release of the board, the Ordinance has made corrections in law to accommodate reasonable demands of traders.

It said that since CNIC disclosure of every sale is a major requirement of law now.

It said that the rate of minimum tax has been rationalized to encourage correct declarations.

It said the trade associations have committed to get all medium and large sized retailers registered with income tax.

The associations have also nominated their representatives to evaluate turnover of under declaring business and have also joined hands with FBR for dispute resolution in audits.

Iqbal/Karrar