Rawalpindi Islamabad Tax Bar Association (RITBA) has disclosed that automated system of FBR crashed on last day of the amnesty scheme depriving eleven thousand people from getting benefit of the scheme who deserved relief. The FBR portal was out of order for eight hours leaving the applicants in the lurch, which should be given an opportunity, it said.
RITBA, President Syed Tauqeer Bukhari addressing a seminar on Finance Act 2019 said that the efforts of the government to expand tax base were laudable. Dependence on indirect taxes should be reduced and direct taxes should be focused to provide relief to masses and reduce price rises.
Tax experts informed participants about recent amendments in the sales tax and income tax laws and updated about their reservations. They urged the government to clarify some of the issues which were resulting in confusion on the part of taxpayers and tax practitioners.
Bukhari said the country will not need any foreign loans if tax is collected according to the potential. Direct taxes will reduce inflation, shrink poverty, balance the economy and ensure national development.
Chartered Accountant Habib Fakhruddin, tax expert Hafiz Muhammad Idrees and others also spoke on the occasion. They said that amending the Constitution to impose Income Tax on agricultural income will revolutionise the economy and expand GDP. They noted that the centre has a proper taxation mechanism to collect income tax while provinces have capacity issues hindering national development