'Taxes harmonisation to be completed by September 15'


RECORDER REPORT
ISLAMABAD (August 09 2009): The Chairman of Federal Board of Revenue (FBR) on Saturday said that harmonisation of income tax and sales tax would be completed by September 15, 2009, to facilitate the taxpayers registered with both the income tax and the sales tax departments.

Talking to Business Recorder, he said that FBR had committed with the IMF to harmonise the income tax and sales tax through legislation by end-June 2009. However, the Executive Board of International Monetary Fund (IMF) has granted waiver regarding harmonisation of income tax and sales tax laws in view of satisfactory performance of Tax Administration Reform Project (TARP).

"The reform process is on track, and IMF has granted waiver in view of smooth implementation of the reforms within the tax machinery. IMF executive board has agreed to give this waiver due to satisfactory performance of various reform initiatives being taken by FBR. Now, this process of harmonisation and synchronisation of taxes would be completed by September 15", the FBR chairman said.

As far as creation of new service groups is concerned, the FBR had moved the summary to Establishment Division. The matter is lying pending with Establishment Secretary. It is expected that the new service groups would be created by September 15, Sohail Ahmed added.


regards,