Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
Name:
Organisation name:
Sector in which you are working:
ACCA membership number:
Preamble
“In an increasingly global economy, business investment, capital innovation and
skilled people will quickly flow to countries where tax systems encourage and
offer the prospects for economic growth….” (Paying Taxes 2012). Pakistan too
cannot remain isolated but has to follow suit in making itself the most attractive
investment destination - a destination where the enterprises are encouraged to
yield dividends to all stakeholders! We at ACCA Pakistan endeavour to support a
better fiscal policy framework and strongly propagate the concept of Fair
Taxation in Pakistan meaning thereby that no particular group of people or no
particular type of business is over-taxed or under-taxed and the principle of
equity is followed.
While we uphold the principle that everyone must pay their share of taxes, we
want short and concise proposals from our members and stakeholders to help us
to devise proposals and suggestions for policy makers.
Please complete the questions below and if you have any additional suggestions
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
for budget proposals to be sent to Federal Board of Revenue (FBR), please feel
free to add suggestions at the end of the feedback form.
Note: It is not necessary to complete all questions but please give maximum
responses.
1. Fiscal Policy (CPD points 0.50 will be awarded on completion of this
portion)
1.1.
Do you feel that indirect taxes are high in Pakistan? (If yes, lease tell
us your suggestions for alternative taxation means for revenue
collection)
1.2.
Would taxation measures create any difference for promoting
entrepreneurship? Some of these tax measures could be reduction
in tax rates, availability of tax credit for new business (incorporated
as sole proprietorship, association of persons or limited liability
entities).
1.3.
What kind of tax policies should be adopted by FBR to encourage
growth of local businesses/industrial growth?
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
1.4.
What kind of tax policies should be adopted by FBR to encourage
exports and facilitate diversification of export products?
1.5.
Should tax education be made part of primary stage syllabus to
increase literacy of tax education?
1.6.
In order to ensure sustained economic and industrial growth,
Pakistan should aim to attract foreign direct investment in setting
up labour intensive manufacturing industrial units. In this context
what type of policies should be introduced?
2. Income Tax (CPD points 0.50 will be awarded on completion of this
portion)
2.1. What type of income tax incentives should be given to taxpayers and
why?
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
2.2. Should the income taxable under final tax regime (FTR) be gradually
decreased? Do you think there is an over-emphasis on FTR?
2.3. What are the problems being faced by the tax payers using e-filing
system? Do you have any relevant suggestions for improving the e-filing
system?
2.4. Do you think exemptions from tax are appropriate? Is there any specific
exemption(s) which you think is either not justifiable or needs to be
introduced? – (Second Schedule to the Income Tax Ordinance, 2001)
2.5. What are your views on the tax amnesty schemes?
2.6. Should there be a tax on agriculture income? If yes, what should be the
mechanism?
2.7. Should tax exemptions be given to attract foreign direct investments? If
yes what should be the mechanism, and what would be the impact on
local industry?
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
2.8. Should the government set up Enterprise Zones to encourage
project/industrial development whereby incentives are given for
investment? What should be the mechanism for such incentives?
3. Sales Tax (CPD points 0.50 will be awarded on completion of this
portion)
3.1. Do you feel that a minimal percentage of sales tax needs to be levied at
the time of purchase of agriculture produce from the farmer? The purpose
eg could be to document the transaction only.
3.2. Should there be a minimum value addition prescribed for the perspective
of sales tax and is it viable?
3.3. What amendments would you suggest should be made to the Sales Tax
Act, 1990 and/or Rules/Procedures/SROs? In your answer, you may refer
to any of the following:
a) Filing of return
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
b) Registration and de-registration
c) Refund
d) E-filing
e) Any specific type of industry
f) Rate of tax
g) Zero rating/exemptions
h) Blacklisting and blocking
3.4. Should there be a mandatory requirement of furnishing CNIC/NTN in
sales tax return of un-registered buyers? A policy was introduced for the
tax year 2012 and later revoked, any other suggestions that you have in
mind?
3.5. What is your opinion on exemptions, zero rating and reduced rates of
sales tax, eg regarding imposition of 5% sales tax on sale made by
persons falling in textile (including jute), carpets, leather, sports and
surgical goods sectors (eg zero rated sectors) to un-registered persons?
4. Excise Duty and Tariffs (CPD points 0.50 will be awarded on
completion of this portion and other suggestions)
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
4.1. What changes do you think are required in Customs tariffs? How will
these changes impact your industry (for example, textile, car
manufacturer, allied products and trading?
OTHER SUGGESTIONS
1) What suggestions do you have for handling the energy crisis?
2) Should the FBR/GOP reconcile NTN, bank accounts and tax returns? What
are your suggestions to facilitate this?
3) What are your suggestions for recognition of active tax payers (ATL) and
any suggestions that you have in terms of changing the policy of ATL
announced last year?
4) What are your suggestions for expansion of tax base?
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Taxation Subcommittee of ACCA Pakistan
Budget Proposals 2014-15
Feedback Form
5) Do you think FTO’s role in the recent past has been favourable for the
taxpayers? Are there any examples that you would like to quote?
6) What are your suggestions about one window registration for sales tax,
income tax, customs, FED, etc.
7) Any other comments could be incorporated below or an email can be sent
directly to the Chairman Taxation / ACCA secretariat at
shamez.mukhi@accaglobal.com
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