ICCI organizes seminar on Tax Compliances for Corporate and Non Corporate tax payers

  • September 14, 2012
Islamabad Chamber of Commerce and Industry (ICCI) organized a seminar, titled “Tax Compliances for Corporate and Non Corporate tax payers”. Mr. Haroon Tareen, Chief Commissioner Inland Revenue Regional Tax Office (RTO) was also present on the occasion.

Speaking on the occasion, Chief Commissioner IR, RTO raised a concerning issue, by saying that a large number of people in Pakistan are not paying taxes. He said that tax laws are not as such complicated in our country and there is a greater need to promote voluntary tax compliance for increasing the tax compliance rate which would definitely improve Tax-to-GDP ratio.

Yassar Sakhi Butt, President ICCI highlighted various causes of low tax revenue in Pakistan and said that factors like discretionary audits, frequent amendments in tax laws, high tax rates, risk of penalties and interest charges on late tax payments, late filing of returns and other obligations under tax laws and on top of all corruption unnecessary harassment of taxpayers have tended to discourage tax compliance in our country.

He was of the view that friendly tax laws and reduction in high tax rates are need of the hour and further more giving attractive incentives to high taxpayers to recognize their tax contribution, reducing interaction between tax collectors and taxpayers could help in improving tax compliance in Pakistan.

ICCI President suggested that instead of burdening the already existing taxpayers, FBR should take measures to broaden the tax base and its extremely important to bring all those sectors as well as individuals in tax net that are capable of paying tax.

Mian Muhammad Ramzan, Chairman Taxation Sub-Committee Committee gave a presentation on basic tax compliances of Income Tax and Sales Tax for corporate and not tax payers where he explained the regular compliance requirements for corporate and non corporate tax payers.

He added that business community normally pays taxes but due to non fulfillment of legal compliance requirements, they have to face complications and litigations which is wastage of resources, time and cost.