ProPropertyNewsLahore Chamber of Commerce Group Calls for Digital Tax Collection System

Lahore Chamber of Commerce Group Calls for Digital Tax Collection System

LAHORE: The Progressive Group within the Lahore Chamber of Commerce and Industry (LCCI) is urging the government to implement a “Digital Tax Collection Linkage System” to revolutionize the national tax collection process.

This proposed system would establish connections with all Pakistani citizens through their Computerized National Identity Cards (CNICs) to ensure transparency and accuracy.

Muhammad Ejaz Tanveer, a central leader of the Progressive Group and a member of the LCCI Executive Committee, emphasized that this digital tax collection system could significantly expand the tax base, ensuring that those with the means to pay taxes do so while also identifying deserving beneficiaries of the funds collected by the Federal Board of Revenue (FBR).

Tanveer proposed that the digital tax system should have access to comprehensive data, including FBR records, bank accounts, land ownership records, and vehicle registrations.

This data integration would facilitate a fair and transparent collection system across the board.

ALSO READ  LCCI President Hails PM's Forward-Thinking Initiatives for Economic Growth

In addition to advocating for a digital tax system, Ejaz Tanveer also emphasized the need to reform agricultural taxation.

He suggested that substantial landowners should be taxed based on their income.

Furthermore, he recommended an annual tax on housing and residential plots, with an exemption for housing units or plots measuring five marlas.

To discourage speculative real estate development, Tanveer proposed imposing a tax on plot owners who have held a plot for two years or more without constructing a residential unit on it.

Recognizing the vital role played by the trade and services sectors in revenue generation and job creation, Tanveer called for extensive consultations with these sectors before implementing new taxes or revising existing tax rates.

In conclusion, Tanveer stressed that taxation is a fundamental pillar of any nation’s economic framework and that Pakistan should adopt a Digital Tax Collection System (DTCS) to address existing challenges and modernize the tax collection process.

Source: Business Recorder

Leave a Reply

Your email address will not be published.