ISLAMABAD, Jan 01: Mr. Muhammad Ayub Mughal, Senior Vice President, Faisalabad Chamber of Commerce & Industry (FCCI) stressed the FBR Officials to immediately share the proposed draft of VAT with trade bodies and Chambers of Pakistan. This will provide the opportunity to rectify the mistakes and weaknesses in institutional frame work.
He also emphasized that the imposition of the VAT should be throughout Pakistan in a very comprehensive way because when some people will not be filling VAT, how others filling VAT could compete with non fillers” Although all this will be possible only due to help of some dishonest officials and black sheep’s.
We have valid reasons for doubts about the ability of FBR to make sure the implementation of VAT across the board (throughout Pakistan ). The business community realies the difficulties and hardships of Government for revenue collection to run its business (affairs). The businessmen and industrial community are paying their taxes regularly in spite of non supply of gas, electricity, raw material and infrastructure.
Muhammad Ayub Mughal, Senior Vice President and Ch. Talat Mehmood, Chairman, FCCI Standing Committee on Income Tax stressed in a joint statement that debate on proposed VAT draft in trade bodies and Chambers of Pakistan will bring further improvement. They urged the need to form a committee (comprising on Chambers and Trade Bodies office bearers ) to review plans for implementation of VAT across the board. All the stakeholders should be taken in confidence before imposition of value added tax. FBR should also realize on its part to strengthen institutional capacity and ensure financial discipline as the implementation of VAT cannot be turn into reality without strict and iron hands.
VAT can be helpful to stop smuggling and under invoicing but not with the help of this prevailing system.INP
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