FBR sought authority to levy sales tax on retail price of any item

FBR

ISLAMABAD, Jan 07 ( Alliance News) : Federal Board of Revenue (FBR) has sought the authority to levy sales tax on the retail price of any item.

In a meeting of the Senate Standing Committee on Finance, FBR officials said that with the new amendments, POS will have to be installed on shops less than one thousand yards as many big businesses are being run from small shops.

Replying to a question of Senator Faisal Sabzwari¬† regarding why didn’t this amendment come first,FBR officials said that this step was taken to increase taxes, we have to bring all the people in the tax net and we will decide based on the data.

This system is still 6 months old, so no amendment should be made on which the Chairman Committee said that this amendment has been postponed till next year’s budget.

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