07-29-2009, 09:54 AM
* Presidential ordinance to incorporate amendments to laws for income tax, sales tax, federal excise duty, customs duty
By Sajid Chaudhry
ISLAMABAD: A presidential ordinance is being promulgated to harmonise laws for income tax, sales tax, customs duty and federal excise duty in line with a World Bank suggestion, official sources told Daily Times on Tuesday.
The sources said the proposed presidential ordinance would aim to improve tax legislations through the incorporation of amendments in the Sales Tax Act 1990, the Income Tax Ordinance 2001, the Customs Act 1969 and the Federal Excise Act 2005.
To examine the proposed text of legal changes in the tax laws – being finalised by the Federal Board of Revenue (FBR) member for legal affairs – the FBR has formed a committee of FBR Member (Southern Domestic Operations) Muhammad Ramazan and FBR Member (Policy Direct Taxes) Khalid Aziz Banth.
Some amendments in the tax laws have already been introduced through the Finance Act 2009, while the remaining necessary amendments would be incorporated through the presidential ordinance, said the sources, adding that the changes introduced through the finance bill were mainly related to appellate proceedings, appeal fees, fine, penalties and appointment of special judges.
Under the Tax Administration Reforms Project, a WB review mission – which visited Pakistan recently – had also asked the FBR to implement the harmonisation of laws for all domestic taxes. The WB also recommended modernisation of legal framework for revenue laws, the preparation of legal documents to modify legislation on policy and administrative items and adjustment in IT systems to reflect the changes in tax laws.
According to the WB, the harmonisation of various tax laws is one of the objectives of the ongoing reforms in Pakistan. The WB says additional procedures need to be coordinated by amending corresponding legislation related to domestic taxes.
By harmonising relevant laws of sales tax, federal excise duty, income tax and customs duty, issues related to appeals, litigation, recovery, prosecution, refunds and filing of documents could be similarly treated in all taxes to facilitate businessmen, added the sources.
Pakistan is currently involved in talks with various financial institutions, including the WB, to bring the ailing economy back on track. Pakistan and the WB recently signed a $500million loan agreement to stabilise the country and alleviate poverty.
http://www.dailytimes.com.pk/default.asp...2009_pg7_1
By Sajid Chaudhry
ISLAMABAD: A presidential ordinance is being promulgated to harmonise laws for income tax, sales tax, customs duty and federal excise duty in line with a World Bank suggestion, official sources told Daily Times on Tuesday.
The sources said the proposed presidential ordinance would aim to improve tax legislations through the incorporation of amendments in the Sales Tax Act 1990, the Income Tax Ordinance 2001, the Customs Act 1969 and the Federal Excise Act 2005.
To examine the proposed text of legal changes in the tax laws – being finalised by the Federal Board of Revenue (FBR) member for legal affairs – the FBR has formed a committee of FBR Member (Southern Domestic Operations) Muhammad Ramazan and FBR Member (Policy Direct Taxes) Khalid Aziz Banth.
Some amendments in the tax laws have already been introduced through the Finance Act 2009, while the remaining necessary amendments would be incorporated through the presidential ordinance, said the sources, adding that the changes introduced through the finance bill were mainly related to appellate proceedings, appeal fees, fine, penalties and appointment of special judges.
Under the Tax Administration Reforms Project, a WB review mission – which visited Pakistan recently – had also asked the FBR to implement the harmonisation of laws for all domestic taxes. The WB also recommended modernisation of legal framework for revenue laws, the preparation of legal documents to modify legislation on policy and administrative items and adjustment in IT systems to reflect the changes in tax laws.
According to the WB, the harmonisation of various tax laws is one of the objectives of the ongoing reforms in Pakistan. The WB says additional procedures need to be coordinated by amending corresponding legislation related to domestic taxes.
By harmonising relevant laws of sales tax, federal excise duty, income tax and customs duty, issues related to appeals, litigation, recovery, prosecution, refunds and filing of documents could be similarly treated in all taxes to facilitate businessmen, added the sources.
Pakistan is currently involved in talks with various financial institutions, including the WB, to bring the ailing economy back on track. Pakistan and the WB recently signed a $500million loan agreement to stabilise the country and alleviate poverty.
http://www.dailytimes.com.pk/default.asp...2009_pg7_1