The Federal Board of Revenue (FBR) regulations are somehow helpful to big and medium enterprises but not in accordance to the needs of micro and small level businesses due to which small traders do not opt to be in the tax net while they are leading in charity.
Mian Zahid Hussain said that extension in tax return filing till March 31, 2019 is appreciative measure of FBR. Tax collection should be made easy, convenient for the tax payers. For increased collection, tax base should be increased.
Tax target for current fiscal year was set to be Rs 4.4 trillion which cannot be achieved as around Rs 2 trillion has been collected so far. Easy tax collection system for small traders in Islamabad is still under process. He said banks' profits have been decreased by 10 percent and caused loss of Rs 2 billion. Accordingly, the stock market has not been stable during the period which has caused loss of Rs 5 billion to tax collection.