Traders urged to improve tax compliance
ISLAMABAD: The economic experts here in a seminar stressed that trade bodies across the country should play their role for improving tax compliance and minimizing informal economy. They urged that educating taxpayers including Small and Medium Enterprises (SMEs) on tax compliance was key to promote tax culture and improve tax revenue. Islamabad Chamber of Commerce and Industry (ICCI) organized a seminar on sales tax on services and inter-provincial harmonization in collaboration with the Association of Chartered Certified Accountants (ACCA) here on Wednesday.
Atif Ikram Sheikh President ICCI in his welcome address said that positive changes were happening gradually in the tax system and stressed that government should make tax policies in consultation with trade bodies by addressing their key concerns on tax matters. It was stressed that SMEs should also focus on improving theirfinancial management skills to deal with tax matters more effectively. The businessmen said that tax regime in Pakistan was complicated with multiple tax rates as taxpayers were paying almost 10 different taxes in addition to many indirect taxes. They said businessmen wanted to pay tax, but high taxes and difficult tax system were the main hurdle in better tax compliance.