All disputed budgetary measures announced in the Federal Budget 2013-14 would be examined and taken to the National Assembly for the debate, said Chief Commissioner RTO, Khawaja Tanveer Ahmed here on Tuesday. Speaking as Chief Guest at the post Budget seminar of Karachi Tax Bar Association (KTBA) Chief Commissioner said that government is trying to get all the stakeholders on board to discuss the Budget and if there is any recommendation is helpful, would be considered. While appreciating the role of KTBA for organizing experts’ seminars on budget, He said that government always finds them extremely helpful in finalizing the budgetary measures and if they get approved by the parliament they become part of law. He declared that KTBA’s recommendations and suggested reforms are the most helpful tools for the government and FBR. He said that KTBA also provides guidance to the taxmen and suggests getting on right direction. Earlier, President KTBA, Haider Ali Patel in his welcome address pointed out that 0.5% levy on the net moveable asset on an individual on an annualize basis would be detrimental as it mean that the assets generated by individual out of tax income would be repeatedly tax if the funds are kept in the shape of securities, investments or cash. He termed this measure as a blow to generations of savings which is already very low in our economy. On the direct tax side he pointed out that proposal to introduce the requirement for the Commissioner’s approval in writing for revising the income tax return is unwarranted feared that the revision of return will require the taxpayer the same hardship they are currently facing in revising a sales tax return.
