Traders urged to im­prove tax com­pli­ance

The Pak Banker - - NATIONAL -

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.

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