ISLAMABAD: Institute of Chartered Accountants of Pakistan (ICAP) on Tuesday proposed an audit of textile export subsidies international firms to justify the results of exports, and urged for conclusion of all income tax credits to eliminate quality distortions national belief instead of external requirements.
Speaking at news conference, ICAP President Ashfaq Yusuf Tola opined that textile exports have not increased in terms of quantity, but growth was a witness on Account of increase in Unit ism cost which the more than twice. He assumed it was the earth for independent audit by international solid of reputation infer if series of subsidies in in shape of tax breaks and energy rebates were justified on the foundation of export results.
Mr Tolya, who accompanied by ICAP members on fiscal legislation and economic advice M. Ali Latif and Zeeshan Ijaz, said government should immediately integrate federal and provincial governments, link all real real estate shareholders with dot of sales (POS) and eliminate tax breaks as part of of forthcoming budget.
He said that the federal budget model for 2022-23 were split with finance and revenue authorities. The proposals included that all housing societies, developers and builders are involved in in sale of plots should integrate your systems with Federal Council of Income (FBR) on same mechanism as POS integration and share real- temporary transfer of files and graphics.
” government should seriously think about leaving of all discriminatory tax incentives and incentives provided in Second Annex to ITO 2001″ with a national conviction to eliminate distortions and improve tax culture on on an initiative basis, not on a command of International Monetary Fund, he said.
Mr. Tola reported government go for integration of federal and provincial tax authorities nationwide in such way what it provides one-window solution for taxpayers without compromising existence and independence of every instance.
Published in Dawn, June 1, 2022
