PTBA seeks a database for expanding tax base.
KARACHI, May 02, 2009 (Balochistan Times) -- Pakistan Tax Bar Association (PTBA PTBA Public Transportation Benefit Area
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PTBA Progressive Taekwondo & Budo Alliance ) has suggested the government to prepare a data base of all the owners of property, automobiles, credit cards, investment in fixed deposits, national saving schemes and stocks and club memberships and create a corporate profile to expand countrys tax base. In its tax proposals for the forthcoming federal budget, the association said that national tax number (NTN NTN Narrative Television Network
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NTN Network Terminal Number
NTN National Tax Number (Pakistan)
NTN Network to Network interface ) should be made mandatory for purchase, sale and transfer of immoveable property, automobiles, club membership, credit cards, registration with CDC See Control Data, century date change and Back Orifice.
CDC - Control Data Corporation and distribution of profit or mark up. The association has proposed to gradually reduce the concept of presumptive tax and only real income should be taxed. The tax bar noted that corporate taxes were very high in Pakistan compare to other developing countries and urged the FBR FBR Friedman, Billings, Ramsey Group, Inc. (investment firm)
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FBR Federal Benefit Rate
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FBR Fluidized Bed Reactor to cut tax rate by 5 percent for corporate and non-corporate sectors. The bar also proposed the FBR to raise the present statutory limit of exemption under the income tax law from Rs 100,000 to Rs 200,000. PTBA suggested the government to exempt the import of plant and machinery from withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. under section 148. It also suggested to avoid multiplicity of taxes on corporate sector which raises the total tax rate from 35 percent to 42 percent. PTBA said that it was willing to work with the government to expand tax to GDP GDP (guanosine diphosphate): see guanine. ratio as by bringing in some vital and under-taxed sectors in tax net in accordance with their contribution to GDP. Agriculture sector contributes 20.9 percent to GDP while its share in taxes is only 1.2 percent. Manufacturing sector on the other hand contributes 18.9 percent to the GDP while its share in taxes is 62.2 percent. Similarly, wholesale and retail trade has a share of 17.1 percent in GDP while its contribution to taxes is only 2.8 percent. Transport, storage and communication and social services sectors also have the similar tendencies.
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