PTBA asks govt to establish data mining company

KARACHI: Pakistan Tax Bar Association (PTBA) on Friday called the government to establish a data mining company for maintenance of a centralized database for individuals who own vehicles, properties, credit cards, utility connections etc.

PTBA in its detailed budget recommendations for FY 2018-19 asked the government to make it compulsory for regulatory bodies like registrars, housing societies to provide quarterly statements regarding transfer and registration of immoveable properties whether they are agricultural, residential, industrial or commercial, reported an English daily.

Also, PTBA called the government to limit taxation exemption for home remittances by Pakistani nationals in foreign countries up to $100,000 and they should only be permitted for new industrial investments.

And it urged the authorities for streamlining of corporate tax because the existing rate was very exorbitant in contrast to various developed and developing markets.

It added the array of taxes applicable on the corporate sector meant the real tax rate was 37 percent which constitutes of 30 percent normal tax, 2 percent worker’s welfare fund and 5 percent workers participation fund.

PTBA noted the government was concentrating at raising tax recoveries from the present documented sector, rather than widening its tax base.