ISLAMABAD: Advisor on Finance to Prime Minister(PM) Abdul Razzaq Dawood has said we have always run after revenue rather than industrial development. He said this while addressing National Assembly (NA) standing committee on trade here Wednesday. He questioned if we have to return sales tax then why we charge it. The methodology to impose sales tax on local sale be evolved. According to FBR it is difficult to levy tax on local sale as this way the business of fake invoices for tax refund will start, he said. Federal Board of Revenue (FBR) had opposed to eliminate zero rating. If sales tax have to return then why charge it. Enhancing tax from zero to 17 percents all at once will spawn problems, he said. IMF has asked to eliminate zero rating and Finance ministry has extended assurance on this count. However FBR had opposed it, he pointed out. Online
