Finance Minister Shaukat Tarin has emphasised the need for evolving consensus between the federation and provinces in matters relating to sales tax harmonisation. The Federal Board of Revenue (FBR) chairman made a detailed presentation and outlined areas for further deliberation to work out an arrangement in a collaborative manner relating to harmonisation of sales tax between the federal government and the provinces. The FBR and the provincial finance ministers narrated their respective positions on taxes on transportation, restaurants, manufacturing and construction. It was decided that detailed input would be taken from the provincial revenue authorities (PRAs) for development of the single sales tax portal acceptable to all. Similarly, the FBR should also develop a standardised income tax return format, in consultation with the provincial governments.

Source: The Express Tribune September 17, 2021 03:40 UTC