ISLAMABAD: Finance Minister Muhammad Aurangzeb has stated that economy performed well in the current fiscal year despite tension in the Middle East.
As per detail, Addressing to the press conference along with Bilal Azhar Kiyani, State minister for Finance, FM Aurangzeb said Federal Bureau of Revenue (FBR) was committed to rationalise tax system and tried its best to ease pressure on tax payers.
Muhammad Aurangzeb also stated that government was introducing a fixed tax scheme for small shop owners, the scheme, aimed at businesses with annual earning of less than Rs. 20 million, would facilitates theirs inclusion in the tax net.
FBR was launching Fixed Tax Scheme after due consultations with the stake holders. He said that tax ratio will be decreased and rationalized.
Bilal Azhar Kiyani, State Minister for Finance said that small traders can option to remain part of the existing tax system. He said that fixed tax system will be based on a single page paper which will be filled by the small traders in their reverent language.
