Speaking to The Express Tribune, FBR spokesperson Dr Hamid Atiq Sarwar said that the entity will make it mandatory for service providers to install electronic fiscal device (EFD) for real-time monitoring and collection of income tax. “We have posted a draft on FBR website so that the matter could be discussed in public and we can receive feedback on it,” he said. Many service providers in Pakistan collect taxes from their customer but do not pass them on to the national exchequer while a handful of enterprises do not declare their actual incomes in a bid escape the tax net. On the other hand, the share of industrial sector in GDP stood at 21% during the period under review while it paid almost 70% of the total taxes. Through the SRO, the FBR proposed amendment to Income Tax Rules, 2002 and invited recommendations from stakeholders.

Source: The Express Tribune April 11, 2020 04:07 UTC