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Tax reforms strategyInpaperMagzine August 16, 2010

By Huzaima Bukhari and Dr Ikramul Haq

AFTER the completion of five-year World Bank funded Tax Administration Reforms Programme — now extended for another two or more years — the Federal Board of Revenue is still looking for expert advice to raise tax-to-GDP ratio.

On July 23, the FBR notified yet another Reform Co-ordination Group, “to obtain input of experts on modern tax reforms strategy and measures to raise tax to GDP ratio”.

In the past many such task forces and committees were set up but with disappointing results and the tax-to-GDP ratio has continued to decline. It has dipped to 8.9 in 2009-2010 from 13 per cent in 1992-93. This is indeed a sorry state of affairs.

The FBR did not meet the revenue target of Rs1380 billion, revised downwards from original Rs1500 billion for the last fiscal year. The house standing committee on finance needs to find out the reasons for FBR’s failure in meeting the targeted tax-to-GDP ratio of 10.2 per cent for fiscal year 2009-2010. It should invite FBR officials, tax experts including the representatives of All-Pakistan Tax Bar to give their opinions. On the basis of their findings and recommendations, the committee can prepare a detailed report for the parliament and government for fixing responsibility, devising policies and making action plans to improve the tax revenue.

Revenue worth trillions of rupees has been lost since 1977 because of unprecedented exemptions and concessions to the rich and the mighty. Military rulers abolished all the progressive taxes e.g. estate duty, gift tax, capital gain tax etc and the democratic government never bothered to reintroduce them.

The historic decision of taxing “agricultural income” in the shape of Finance Act, 1977, was thwarted by the military regime of General Ziaul Haq. Through this law, the parliament amended the definition of “agricultural income” as obtaining in Sec 2(1) of then Income Tax Act, 1922 to tax big absentee landlords. This was a revolutionary step to impose tax on agricultural income.

Taxation of “agricultural income” is the sole prerogative of provincial governments under the 1973 Constitution. All the four provinces have enacted laws to this effect, but the total collection in 2009-2010 was only Rs2 billion against actual potential of Rs200 billion (share of agriculture in GDP is about 22 per cent).

Tax losses for exempting (in fact not taxing) speculative transactions in real estate are to the extent of billions of rupees per annum. According to Economic Survey of Pakistan 2009-10, the loss on this count for fiscal year 2008-09 was Rs200 billion.

The definition of ‘business’ given in the Income Tax Ordinance, 2001 covers, “adventure in the nature of trade” and yet the tax machinery is not bringing adventures in the nature of trade in real estate into tax ambit and giving undue tax exemption on gains arising on speculative transactions in shares. Our tax-to-GDP ratio can rise to 20 per cent in one year if we tax speculative dealings in real estate. This would also help in promoting construction industry as price of land would come down and bring the black economy into tax net.

The multinational companies, through abusive transfer pricing mechanism, evade taxes of over Rs200 billion per annum. The Wealth Tax Act, 1963 was abolished through the Finance Act 2003 although it was especially suitable because enormous assets were created without disclosing income.

Before its abolition in 2003, the wealth tax was the only progressive tax available with tremendous potential for growth, if exemptions given to the rich absentee landlords were scrapped. This became obvious immediately after its repeal when billions of rupees (estimated at $60 billion) started pouring in from all over the world, remitted by all and sundry, without any fear of being investigated, courtesy amnesty given under Sec 111(4) of the Income Tax Ordinance, 2001.

Influx of enormous wealth was directed to stock exchanges and real estate market where the sharks continued to fleece small investors through market manipulations, or was used to artificially enhance the prices of property. With no wealth tax to pay, both these avenues helped to increase individual wealth but dreadfully stripped the entire nation of its right to enjoy economic prosperity. From 2003 to date, according to a conservative estimate, Rs200–350 billion worth of wealth tax have been lost.

Sec 111(4) of the Income Tax Ordinance, 2001 protects tax evaders as they are permitted to whiten untaxed income through an extremely simple and easily available procedure by going to a money exchanger and getting fictitious foreign remittance in their accounts after paying a nominal premium of one to two per cent of the entire proceeds. The loss caused due to this provision alone for the last five years is estimated at nearly Rs275 billion.

In the last two years alone, revenue loss on account of taxing income from property at reduced rate is estimated at Rs280 billion. The state does not need any borrowing at all, if the rich and the mighty are taxed according to the established democratic norms of equity. The dire need is to tap the real tax potential and make the economy self-reliant, stop wasteful, unproductive expenses, cut the size of cabinet and government machinery, make government-owned corporations profitable, accelerate industrialisation and increase productivity, improve agriculture sector, bring inflation to single digit and reduce inequalities through a policy of redistribution of income and wealth.

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Privacy Policy Terms and ConditionsCopyright © 2011 DAWN.COM Subject: IMPLEMENTATION OF REFORMED GST IN PAKISTAN.

Pakistan is in dire need of increasing its tax revenues by implementing

a broad-based modern form of sales tax on goods and services. The Sales Tax Act,

1990, was originally designed on the basis of accepted value added taxation

doctrines but due to political compromises and revenue exigencies, it increasingly

became distorted and narrow-based because of ever-expanding exemptions,

special regimes, multiplicity of rates and several other deviations from international

best concepts and practices. Resultantly, not only the tax base of sales tax and

income tax has been eroded but also lack of documentation of the national

economy has proved a big hindrance in the development of effective tax policy

options.

2. Under the existing constitutional framework, the Federal government can

impose taxes on the sales and purchases of goods imported, exported, produced,

manufactured or consumed. The Federal government has been levying excise duty

on services. After passage of the 18th Constitutional Amendment, taxation of

services now wholly falls within the domain of Provincial governments.

3. Presently, apart from sales tax on the supply and import of goods, Federal

excise duty is chargeable on communication (including telecom) services, certain

categories of advertisements, insurance services other than life, marine, health and

crop, banking services, franchise services and services provided by property

developers/promoters, stockbrokers and port/terminal operators. Besides,

Provincial sales tax is chargeable on services provided by hotels/clubs/caterers,

custom agents, ship chandlers and stevedores, courier services and advertisements

on TV & radio. Except franchise services, Federal excise duty and Provincial sales tax

on all the aforesaid services is being collected under GST mode with backward and

forward cross-crediting (inter-tax adjustment) with Federal sales tax.

4. Tax-to-GDP ratio on account of the said sales taxes has stagnated on lower

side although internationally, the standard rate of 17 percent sounds on higher

side. The principal reason of lower tax to GDP ratio of sales taxes has been

widespread and unbridled concessions and waivers on both local supply and import

stages including zero-rating on several categories of domestic supplies, besides non-

coverage of the services sector in general.

5. The consultations with tax professional circles have over the passage of time

convinced that there is an overdue need to thoroughly reform and revamp the

whole existing sales tax system to bring it closer to international standards. The

new GST system will change the mindset of the public at large as well as of the tax

machinery and will strengthen government’s efforts to formally depart from excise-

style of sales taxation on goods and services.

6. The GST Bill, 2010 will replace the present Sales Tax Act, 1990. While the issues of

collection and administration of sales tax on services are being separately negotiated

with the Provinces in the light of recent NFC award, a provision has been included in the

Federal Bill to integrate Provincial sales tax on services with the Federal sales tax on

goods as and when the Provinces authorize FBR to collect and administer sales tax on

services.

7. Under the new GST law, exemptions have been kept intact in respect of basic

food items including wheat, rice, pulses, vegetables, fruits, live animals, meat and

poultry etc. Edible oil chargeable to Federal excise duty will remain exempt from GST as

before. Exemptions earlier available for philanthropic, charitable, educational, health or

scientific research purposes or under international commitments/agreements including

grants-in-aid will also continue. Moreover, life saving drugs, books and other printed

materials including newspapers and periodicals have been kept exempt.

8. Local consumption of sectors like textile (including carpets), leather, surgical and

sports goods has however, been subjected to tax. Similarly, defence stores, stationary

items, dairy products, pharmaceuticals (other than lifesaving), agricultural inputs,

agricultural machinery and implements, aviation/navigation equipments including ships

& aircrafts etc. have also been proposed to be taxed. Acquisition of capital goods will be

facilitated through expeditious adjustment/refund of input tax involved therein.

9. GST will be chargeable only on value added component of each stage of the

supply chain. Due to the provision for set-off of the tax paid at earlier stages in the

chain, net tax incidence remains as a single stage levy. Due to automatic input tax

adjustment facility, businesses are attracted towards voluntary registration so that

they may avail such adjustments and improve their cash flows. For this reason, GST

always promotes documentation and encourages self-compliance.

10. Other salient features of the new GST system are as follows.

GST will replace the existing regimes of sales tax and excises on services.

GST will apply on both at import and local supply stages.

Standard rate of 15% has been proposed instead of the present rate of 17%

or multiple other rates going upto 25%.

There shall be no fixed tax, reduced tax, enhanced tax, retail price-based tax

or special tax scheme under the new GST system.

A uniform enhanced annual exemption threshold of Rs.7.5 million (which is

presently Rs. 5 million) shall be applied to keep small businesses including

small traders/retailers/cottage industry out of mandatory tax compliance.

All exports shall be zero-rated.

Input tax adjustment of both direct and indirect constituents shall be

allowed on “totals” basis (excluding entertainment and non-business use

passenger vehicles).

Sales tax on goods and services where so authorized by the Provinces shall

be mutually adjustable so that double taxation does not occur.

No general zero-rating shall be admissible on any commercial form of

domestic supply or on any local consumption.

The GST system will work purely on “self-assessment and self-policing” basis.

Cash flow of businesses shall be facilitated through expeditious centralized

(Electronic) refund payment system.

Tax compliance shall be encouraged through transparent and fair audit

system with increased use of modern information technology.

Adjudication, appeal and alternative dispute resolution (ADR) systems have

been provided as before.

FBR will issue simplified rules to regulate the GST procedures and processes.

The GST Bill 2010 shall take effect from such date as may be notified by the

Federal government.

The new GST system will be applied in FATA/PATA, the Province of Gilgit-

Baltistan and AJ&K in due course.

11. The proposed GST system will certainly not generate any sudden increase in

revenue yield. It will however, increase the overall tax-to-GDP ratio from the

present below 10% to about 12% in next 3-5 years. Pakistan has a strong potential

to implement such value added tax type sales tax because of the reason that

besides having a properly-reformed collection infrastructure, it has a long-operating

sales tax system and substantial hidden sales taxation on inputs of exempt outputs

(exempt supplies are input taxed) is already being borne in the aggregate national

consumption.

12. The proposed GST system is expected to operate without any serious

inflationary impact. It will rather promote economic equity and enable the country

to direct national resources towards more productive goals of national

development. Reformed GST is also likely to progressively minimize the grey

component of the national economy and facilitate fair income redistribution. It will

eventually cast healthy impact on income tax receipts and enhance fool-proof tax

culture in the country.

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Pakistan Federal Budget 2010-11 – Salient Features Income TaxBy

Masood– June 5, 2010Posted in: Budget 2010-11, M&M Exclusive

Pakistan’s Federal Budget Bill 2010-11 for the next year has just been announced and we are pleased to share with you the salient features of the bill with you. A detailed analysis will be delivered once the bill is actually enacted into an act of the parliament. Please give your suggestion before the same is passed.

INCOME TAX Relief Measures

1.  In order to provide relief to large number of taxpayers deriving their incomes from Salary and business, the limit of Basic Exemption is proposed to be enhanced from  Rs.200,000/- to Rs.300,000/- in respect of Salaried taxpayers, while in the respect of Non-Salaried taxpayers it has been proposed to enhanced from Rs.100,000/- to Rs.300,000/.

 2.  For welfare of industrial & commercial consumers of electricity, the maximum rate of  advance  tax  deductible  under  section  235  on  monthly  electricity  bills  is proposed  to be  reduced  from 10%  to 5%, on  the amount of  the bills payable by them; 3.  The Senior Citizens of the age of 60 years or more, are proposed to be eligible for relief of 50% of tax on their income, if their income does not exceed Rs.100,000/- as compared to previous maximum limit of Rs.75,000/-. However this relief shall not be available on income subject to Presumptive Tax Regime. 4.  In  pursuance  of Prime Minister’s Relief Package  to  rehabilitate  the  economy  of Khyber 

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Paktunkhwa,  FATA  and  PATA,  some  amendments  are  proposed  to  be introduced  in  the  Income Tax Law. These measures provide  following  reliefs  to industrial  and  commercial  taxpayers  hailing  from most  and moderately  affectedareas, as prescribed: a)  Waiver of entire amount of default surcharge & penalty till 30th June 2010; b)  Exemption from advance tax on electricity for tax years 2010 and 2011; c)  Exemption from withholding tax on exports; d)  Recovery of outstanding income tax arrears through easy installments; e)  Enhancement of  income  tax exemption  limit from Rs.0.1 million  to Rs.0.3  million; f)  Annual Audit with the approval of FBR; and 

 g)  Exemption  from  advance  tax  on  import  of  plant  and machinery  upto  30th  June 2011; However  these concessions  shall not be available  to manufacturers and  suppliers  of cement, sugar, beverages and cigarettes. 5.  For the wellbeing of disabled persons, 100% depreciation expense can be claimed  on Ramp built  to provide access  to disabled persons,  is proposed  through a new provision to be inserted in the law. 6.  In order to provide relief to employees, exemption from taxation of perquisites on waiver of employees obligation to pay or repay, and amount owed to employer, is proposed. 7.  In order to facilitate the withholding agents, instead of e-filing monthly, quarterly and annual withholding  tax statements,  the e-filing of only quarterly withholding tax statements is proposed;   Income Tax Incentives    For the wellbeing of listed company a Tax credit for BMR costs incurred by such a company is proposed to be provided @ 10% for the tax year of its incurrence. This concession has been proposed to be admissible for the tax years 2011 to 2015; 2.  With  the purpose  to encourage enlistment of corporate  sector, a 5%  tax credit  is proposed to be allowed to a company in the tax year of its enlistment. 3.  In  order  to  align  with  rest  of  the  scheme,  10%  withholding  tax  deductible  on Government Securities is proposed to be a FINAL tax. 

4.  Withholding tax deductible on debt instruments is proposed to be a FINAL tax, in order  to  relieve  the  non-resident  taxpayers  of  statutory  requirement  for  filing income tax return. 5.  For  providing  incentive  to  foreign  lenders  for  tax-free  repatriation  of  profits earned on foreign industrial loans, Clause 72(iii) of Part-IV of Second Schedule to the Income Tax Ordinance 2001 is proposed to be re-instated. 6.  The  maximum  rate  of  withholding  tax  deductible  on  payments  made  to  non-resident  taxpayers who are not subject  to Avoidance of Double Taxation Treaties (other than payments made on account of royalty and fee for technical services) is proposed to be @ 20% instead of 30%; 7.  Honoring wide demand,  the  rate of withholding  tax deductible @ 20% on cross-word puzzles is proposed to be reduced to a rate of 10%;   Income Tax Revenue Measures 1.  In  order  to  strengthen  the  drive  for  documentation,  a  uniform  tax  rate  for  smallcompanies as well as AOPs is proposed @ 25% of their taxable income. 2.  Advance tax deductible on imports made by commercial importers is proposed tobe enhanced to @5% being a FINAL tax. 3.  Tax  on  capital  gains  accruing  on  account  of  holdings  of  stocks/shares/securities for  six-months  or  less  is  proposed  @  10%,  while  holdings  of stocks/shares/securities  exceeding  six-months  is  proposed @  7.5%. However  no tax has been proposed on such capital gains arising held for a period exceeding 12 months. 4.  In order  to  rationalize  and  simplify  slab-rates provided  in  respect of advance  tax deductible on goods transport vehicles under Item (1) of Division-III of Part-IV of Second Schedule to the Income Tax Ordinance 2001 are proposed to be abolished, and  tax  is proposed @ Re.1 per kilogram of  the  laden weight capacity of goodstransport  vehicle.  No  change  has  been  proposed  in  the  rate  of  tax  on  goods forwarding contracts, which remain taxable at the existing rate of 2%. 5.  In  order  to  bring  clarity  on  advance  tax  deductible  on  Cash Withdrawals  from Banks,  various  banking  transactions  including modes  like  withdrawals  through Demand  Draft,  Pay Order, Online  Transfer,  Telegraphic  Transfer,  TDR,  CDR, STDR and RTC, are proposed to be subject to 0.3% deduction of the advance tax, if such  transactions exceed  threshold of Rs.25,000/-  in a single day. The advance tax is adjustable. 6.  Turnover Tax on Loss Making Companies is proposed to be enhanced to @ 1%. 

7.  Withholding  tax on gross value of  Inland Air Ticket has  been proposed @  5%. Under  the  scheme  the  Inland  Air-Ticketing  persons  shall  withholding  the  tax, which will be adjustable against the tax liability of the purchaser of such ticket; 

 Income Tax Technical Changes

1.  Section 4 of the Income Tax Ordinance 2001 is proposed to be amended to include a  reference  regarding  tax  credit  on  account  of  share  of  profits  received  by  a company from an AOP. 2.  In order  to bring  clarity,  expression  ‘CD’  appearing  in Division-V of Part-IV of First Schedule  to  the  Income Tax Ordinance 2001  is proposed  to be  replaced by ‘any electronic medium’. 3.  The mandatory  requirement  of  Filing  of Wealth  Statement  by  the  Taxpayers  in FTR cases with yearly tax amounting to Rs.35, 000/- is proposed to be included in section 116 of the Income Tax Ordinance 2001. 4.  For  enforcing  checks  on  non-compliant  taxpayers,  and  to  encourage  compliant-taxpayers, a new section 181A is proposed to be inserted in the Ordinance. 5.  In order to streamline accounting of Advance Tax payments, certain amendments are  proposed  in  section  147  of  the  Ordinance,  so  that  quarterly  advance  tax payments  are  paid  by  25th  of  last month,  as  compared  to  earlier  requirement  of such payments by 15th of every month after the end of a quarter.  6.  Through an editorial amendment,  the  reference of  ‘minimum  tax’ on  importer of edible oil and packing materials under section 148, is proposed to be incorporated in provisions referring to final tax on the income of an importer.  7.  For  the purposes of clarity,  through an editorial amendment  the reference of sub-section  (1AA)  of  section  152  is  proposed  to  be  inserted  in  sub-section  (2)  of section 152.  8.  In  order  to  rationalize  the  definition  of  ‘Prescribed  Persons’  as  given  in  sub-section (9) of section 153, an individual with  turnover of Rs.50 millions or above is proposed to be added.  9.  In order to perceive better audit of withholding taxes, the withholding agents shall be  required  to  e-file  quarterly  statements  even  in  the  cases  where  no-tax  was deducted.  For  the  purpose  of  alignment  and  uniformity,  the  words  ‘a  person collecting tax’ are proposed to be replaced with the words ‘a withholding agent’ in sub-section (2) of section 165. 10.  Editorial amendments  in Section 236A of  the Ordinance are proposed  in order  to bring  clarity  and  remove  confusion  about  the  charge  of  advance  tax  on  public auction of all kind of property including confiscated or attached goods.

 11.  On merger  of  Investment  Corporation  of  Pakistan with  Industrial  Development Bank,  the  exemption  available  to  ICP  on  dividend  received  from  any  other company is proposed to be withdrawn.  

12.  Exemption under clause (52) of Part-IV of the Second Schedule to the Income Tax Ordinance 2001 available  to Vanaspati Ghee or Oil  is proposed  to be withdrawn, in view of demise of SRO. 593(I) 1991 Dated 30th June 1991.

Continue Reading – Pakistan Federal Budget 2010-11 – Salient Features Sales Tax

 http://masoodandmasood.com/2010/06/paksitan-federal-budget-2010-11-salient-features-sales-tax-and-federal-excise/

Continue Reading – Pakistan Federal Budget 2010-11 – Salient Features Customs Tax

http://masoodandmasood.com/2010/06/pakistan-federal-budget-2010-11-salient-features-customs-tax/

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Tags: Budget 2010-11, Customs Tax, Federal BUdget 2010-11, Federal Excise, income tax, Pakistan, Pakistan Federal Budget 2010-11, Sales Tax, Salient Features

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