ISLAMABAD- Syed Mazhar Ali Nasir, Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded for reform in existing Sales tax regime. He emphasised reduction of sales tax to single digit in the upcoming federal budget for the fiscal year 2014-15. He said that this year FPCCI is formulating recommendations for the Federal Budget which is history in the making. Syed Mazhar Ali Nasir, demanded reduction in sales tax to single digit (non-refundable, non-adjustable at import and manufacturing stage) in Pakistan. This proposed single digit sales tax will eliminate malpractices in refund claims and input tax which will reduce cost to the exchequer.
FPCCI is strategically working on the single rate of Sales Tax and expect the FBR to join hands in working to achieve this goal which will lead in the generation of Rs.1500 billion in the next financial year 2014-15. The main advantage of reducing sales tax to single digit will be giving relief to the common man especially to the low and middle income group by reducing the inflation.