Frame predictable tax policy

The advisory committee to initiate reforms in the National Board of Revenue (NBR) has recommended that the taxmen frame predictable tax policy and consider introduction of presumptive taxes on Small and Medium Enterprises (SME).

At a meeting with the Economic Reporters Forum (ERF), the panel members called upon the NBR to consult with the relevant stakeholders before framing any policy.

The NBR organised the consultation meeting on its office premises on Thursday to exchange views on reforms of the revenue collecting authority.

"Revolution is not our target. We will give some specific and implementable recommendations in our final report," said Dr Muhammad Abdul Mazid, former chairman of the NBR.

On separation of tax policy with the implementations from NBR, Dr Mazid said the committee would strongly recommend it with annexure to help follow up its implementation.

Dr Nasiruddin Ahmed,  former chairman of the NBR, said data and policy analysis is required to take decisions on impact of taxes as well as stakeholders' consultations.

Farid Uddin, former member of the NBR, said international best practices should be followed while framing tax policy to cut dependence on indirect taxes.

He also called for focusing on export diversification allowing bonded warehouse facility to potential export sectors.

He said the SMEs are struggling to survive due to high rate of effective taxes on them.

ERF members recommended increasing investment for NBR, emphasised tax collection from growth centres, maintaining consistencies in appointment of skilled taxmen in a department, continuing automated taxation and curbing corruption in tax department.

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