Federal Board of Revenue (FBR) is planning to adopt strict measures to meet the tax revenue target for FY 2016-17, media sources have revealed. FBR currently lags behind the set revenue target by about Rs100b. Sources are reported to have said that FBR aims to forcefully collect tax from the business community by implementing tax ordinance and sales tax act.
As per the details, FBR plans to use section-38, section-38A and section-40B to coerce traders to pay taxes. Similarly, FBR is planning to collect taxes under guise of withholding tax by way of using section-161 of income tax ordinance against traders with a turnover of Rs50m or more.
As a protest to FBR’s proposed measures, the business community is planning to launch a strict protest.
