- The government plans to implement a uniform 15% VAT rate across all sectors, with no exceptions.
- There will be no compromise on advance income tax (AIT) collected at the import stage.
- The move aligns with IMF recommendations and aims to address distortions caused by multiple VAT rates.
- Business leaders raised concerns about import misdeclaration, overvaluation by customs, and unfair tax burdens on compliant businesses.
- The NBR chief acknowledged compliance challenges and the increased burden on honest taxpayers due to non-compliance by others.
Source: tbsnews.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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