Islamabad: The Federal Board of Revenue (FBR) has informed the World Bank (WB) that it has launched alternative delivery channels for the e-payment of taxes, a news source reported. Both authorities held a meeting, where FBR briefed the WB team about reforms taken for medium and small-sized companies.
FBR has introduced these reforms to establish ease of doing business for these companies. In alternative delivery channels, FBR has made it possible to pay taxes through automated teller machines, internet banking, or mobile banking. The authority has informed WB that these measures will save taxpayers’ time and resources.
FBR has also revealed that the income tax rate for small companies has been reduced to 24% in the tax year 2019. This value was 25% in the tax year 2018. The officials said that the rate will keep reducing by 1% each year until 2023.
Other discussions included the use of business intelligence tools for audit selection of cases, and clarification over sales tax laws relating to the adjustment of input tax and capital asset purchase under Section 8B of Sales Tax Act 1990.