tax

The Ministry of Information Technology and Telecommunication (MoIT&T) has offered a ‘Tax Reforms Committee for Digital Financial Inclusivity’ with explicit aims and timelines for combining a “Smart Tax Plan”, a step-wise and limitation of action procedure meant for the digitally-advanced economics all across the country.

Furthermore, the ministry has outlined “National Broadband Policy-2021” with a progressive tax system as one of its objectives. The “Smart Tax Plan” will be presented to the Ministry of Finance for endorsement, which may be sanctioned, and implementation will commence in the 4th quarter, 2021.

The policy based on the taxes proposes that the Pakistan Telecommunication Authority (PTA) should be holding an influence examination review on various sorts of taxes, duties, and additional costs relevant to Internet users including the industry.

After evaluating the references of the survey report, the MoIT&T will develop a Tax Reforms Committee for Digital Financial Inclusivity composed of members from the Ministry of Finance, the MoIT& T, the federal or provincial Tax Authorities, the PTA, the FAB, the Universal Service Fund (USF), the business industry and unspecified additional stakeholders.

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The PTA will manage the survey and present its suggestions to the MoIT&T before June 2021 for the purpose of additional discussion of the Smart Tax Plan which will be presented to the Ministry of Finance for further endorsements.

Besides, the resolution of the SIM issuance Tax, Rs. 250 charged against the issuance of each new SIM, the presentation of clear progress tax mechanism u/s 147 of the ITO, 2001 for telecommunication, including the exception from each withholding or obtaining provision under the ITO, 2001 is suggested.

Comparable exclusions have now been supported in the banking and oil businesses. In addition to it, the incorporation of telecommunication administrators (licensees of the PTA) in the interpretation of the Industrial Undertaking by the FBR under Section 2 (29C) of the Income Ordinance, 2001 may also be offered.

Source: Pro Pakistani

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