July 23, 2014
A one-day seminar on “Budgetary changes brought in through Finance Act 2014” was held at Federal Board of Revenue (FBR) Headquarters here in the capital.
Member Facilitation and Taxpayers Education (FATE) FBR, Ms Riffat Shaheen Qazi chaired the seminar. Officers from Regional Tax Office (RTO) Islamabad, RTO Rawalpindi, LTU Islamabad, RTO Peshawar and RTO Abbottabad attended the seminar. Chief Sales Tax and Automation Ashfaq Ahmed Tunio and Chief Income Tax Policy Malik Amjad Zubair Tiwana briefed the participants on the changes brought in through the said Act.
In his address, Chief Sales Tax and Automation Ashfaq Ahmed Tunio explained different aspects of Sale Tax and Federal Excise measures in steel sector, steel units in sugar mills, cigarettes, aerated waters, cement, travel by air, chartered flights and retailers.
Chief Income Tax Policy Malik Amjad Zubair Tiwana explained different features of amendments relating to Income Tax law through Finance Act 2014. He explained major amendments in withholding taxes, other revenue measures and relief measures taken by the government. He also made clear different aspects of withholding taxes, new withholding taxes, enhancing rates of existing withholding taxes, creating distinction between filer and non-filer, enhancing withholding tax rates, increasing cost of doing business for non-filers, increasing cost of doing business for non-filers, revision in token tax, advance tax on registration and transfer, reduction in withholding tax rates, expense allocation in banking companies and reduction in tax rates.
Speaking on the occasion, Acting Chairman FBR Shahid Hussain Asad underscored the role of FBR officials and staff in resource mobilization and revenue generation extremely vital for the economic independence and socio-economic development of the country. He lauded the FATE Wing for organizing the seminar to educate the FBR officers and explain to them the legal provisions introduced in the Finance Act 2014.
Earlier, Ms Riffat Shaheen Qazi, Member FATE Wing welcomed the participants of the seminar and urged the officers to utilise their energies with dedication and commitment to achieve the revenue collection target set for the next fiscal year.
The briefing was followed by a questions-answers session. The participants raised different technical questions and they were answered accordingly.
Hamid Raza Wattoo