KARACHI, April 15: The Institute of Chartered Accountants of Pakistan (ICAP) has called for introduction of a comprehensive sales tax regime for every business.
ICAP President Syed Muhammad Shabbir Zaidi suggested this while presenting institute’s pre-budget proposals for 2006-7.
“Rationale is that expansion of tax base cannot be undertaken without such a step.”
He was of the view that the procedure for indirect taxes on services needed re-examination in the light of input claim versus revised rates and extension of scope of services subject to tax particularly in insurance, banking, leasing, media support and stockbroker services.
Mr Zaidi further suggested that self-assessment based carry-forward scheme might be restored under section 10, which was abolished in the budget 2005, as an incentive scheme for ‘A’ quality taxpayers.—APP
