#OICCI #called #radical #measures #curb #tax #evasion
ISLAMABAD: The Overseas International Chamber of Commerce and Industries (OICCI) has recommended to the finance teams working on the forthcoming budget 2021-22 to confiscate local assets or impose appropriate taxes on any person’s assets abroad. Of
A top OICCI official, who met with Finance Minister Shaukat Tareen and his economic team and recommended bringing illegal trade into the tax fold, especially for the annual national cut of tax-exempt cigarettes. Billions of rupees could be found, which could revise the Afghan transit trade. Register the contract (ATTA) and all income earners in the tax net. The OICCI recommended to the government that “appropriate laws be enacted to enable the government to seize local assets, equivalent value or levy appropriate taxes, if any person has any assets outside the country.” Keeps out of the country without legitimate means, “the OICCI recommended to the government. The Overseas Investors Chamber of Commerce and Industry includes 200 foreign investors from 35 countries in Pakistan.
It also recommended that since Pakistan is a signatory to the Transparency and Exchange of Information for OECD Global Forum for tax purposes, it should be allowed to accumulate illicit wealth for public distribution of tax matters. For this, there is a need to maintain regular coordination with the concerned authorities of the countries which are considered as tax havens. Top OICCI officials informed Finance Minister Shaukat Tareen and his economic team that the illicit cigarette sector has a 37% market share. He was of the view that the track and trace software sector would not solve all the problems so the government would have to take a tough political decision to bring an additional Rs 70 billion in the tax net. It proposed to levy an adjusted advance tax of Rs. 500 per kg on tobacco leaves at the level of Green Leaf Threshing Process (GLTP) units. This tax can make illegal cigarettes economically invasive.
The OICCI has also recommended an amendment to the ATTA to protect Pakistan’s tax base without hurting the very spirit of such agreements. It recommends that the Afghan government establish a duty / tax collection basis upon entry into Pakistan, fix the import price in consultation with brand owners in Pakistan, and inspect containers returning from Afghanistan. So that they are empty. There should be a negative list of items not used in Afghanistan but as a result they can enter Pakistan and facilitate exports to Afghanistan with easy FBR procedures and border control authorities. There is a need to introduce strict controls on illicit trade, to impose strict penalties across the value chain. He also demanded the introduction of a special task force to raid retailers and manufacturers to seize and eliminate illegal stocks. The latest methods of customs valuation and bringing local legal brand owners on board, check imports of counterfeit products and ensuring transparency is done by making the import data public property, under Section 25A of the Customs Act. It will also be helpful to seize the goods. , 1969.
All income earners must register and must receive NTN. The FBR should simplify the tax structure by implementing tax reforms and also hold conferences with tax and legal experts to review existing laws for a growing number of taxpayers and taxable entities. Tax authorities should use technology, including artificial intelligence tools, data analytics and make efficient use of NADRA’s databases and other documentary resources to ensure that all revenue earners are NTN holders and “filers”. With income tax / wealth profits and mandatory deposit of wealth. Statements of Reconciliation.
The FBR and the SBP must develop a framework to ensure that all customers of financial institutions whose accounts show a turnover of more than two million or more per annum than PKR are required to file tax returns and Wealth statement submitted. This can be done by simply notifying the FBR of the names / CNIC numbers of such customers without giving access to bank accounts through financial institutions. Art exhibition halls, hospitals where doctors practice, hotels and other public places where fashion houses and designers have a big reception, sale of branded / designer clothes, airlines, travel agencies, etc. The names and addresses of the people involved. Provide Doing business to the FBR on a quarterly basis. In addition, the FBR should actively pursue potential taxpayers rather than waiting for tax returns to be filed. Section 111 (4) of the ITO 2001, which was last amended in 2018, should be further reviewed to limit tax-free inward remittances to family members only. The OICCI has also recommended ending the culture of amnesty schemes as it discourages honest taxpayers. It called for harsher and more visible fines to punish tax evaders with more than a million thefts.