{"id":60250,"date":"2020-01-22T10:09:07","date_gmt":"2020-01-22T10:09:07","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=60250"},"modified":"2020-01-22T11:24:52","modified_gmt":"2020-01-22T11:24:52","slug":"businesses-should-call-reforms","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/businesses-should-call-reforms.html","title":{"rendered":"Businesses should initiate calls for documentation: FBR Chief"},"content":{"rendered":"\n<p>Islamabad: Federal Board Revenue (FBR) Chairman Shabbar Zaidi on Tuesday stated that the business community should initiate calls for reform and documentation instead of the government; as their doing so would help in ensuring the longevity of their businesses across several generations \u2014 a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/pm-approves-countrywide-launch-tax-assessment-documentation-drive.html\">PM approves countrywide launch of tax assessment, documentation drive<\/a><\/p>\n\n\n\n<p>Zaidi made these remarks while speaking at the All Pakistan\nChambers Presidents\u2019 Conclave 2020, which was also attended by President Dr\nArif Alvi, Planning and Development Minister Asad Umar and Adviser to the Prime\nMinister on Institutional Reforms Dr Ishrat Hussain.<\/p>\n\n\n\n<p>The FBR chairman stated that while the present government had taken several measures to curb the menace of undocumented flow of wealth, tax evaders still had avenues for hiding such funds. He also mentioned that documentation was mandatory for those with a working capital higher than PKR 1 billion. He added that family businesses usually closed down after one generation primarily because of a lack of documentation, and that it was also necessary for industrialisation. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/govt-to-boost-businesses-through-documentation-economy-dawood.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Govt to boost businesses through documentation of economy: Dawood (opens in a new tab)\">Govt to boost businesses through documentation of economy: Dawood<\/a><\/p>\n\n\n\n<p>Speaking on the demand for tax exemptions on local sales of\nthe export-oriented sector, chairman Zaidi said that it was not justifiable. He\nalso urged the traders to come up with a workable solution on how to collect\nlocal taxes from the export-oriented sector in the next budget.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Federal Board Revenue (FBR) Chairman Shabbar Zaidi on Tuesday stated that the business community should initiate calls for reform and documentation instead of the government; as their doing so would help in ensuring the longevity of their businesses across several generations \u2014 a news source reported. Read: PM approves countrywide launch of tax assessment, documentation drive Zaidi made these remarks while speaking at the All Pakistan Chambers Presidents\u2019 Conclave 2020, which was also attended by President Dr Arif Alvi, Planning and Development Minister Asad Umar and Adviser to the Prime Minister on Institutional Reforms Dr Ishrat Hussain. The FBR chairman stated that while the present government had taken several measures to curb the menace of undocumented flow of wealth, tax evaders still had avenues for hiding such funds. He also mentioned that documentation was mandatory for those with a working capital higher than PKR 1 billion. He added that family businesses usually closed down after one generation primarily because of a lack of documentation, and that it was also necessary for industrialisation. Read: Govt to boost businesses through documentation of economy: Dawood Speaking on the demand for tax exemptions on local sales of the export-oriented sector, chairman Zaidi said&hellip;<\/p>\n","protected":false},"author":57,"featured_media":59990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[15222],"persona":[],"class_list":{"0":"post-60250","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-businesses-should-initiate-calls-for-documentation-fbr-chief","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Businesses should be the ones calling for reforms: Zaidi - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Federal Board Revenue (FBR) Chairman Shabbar Zaidi on Tuesday stated that the business community should initiate calls for reform and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/businesses-should-call-reforms.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Businesses should be the ones calling for reforms: Zaidi - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Federal Board Revenue (FBR) Chairman Shabbar Zaidi on Tuesday stated that the business community should initiate calls for reform and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/businesses-should-call-reforms.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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