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A global turnover tax can fund non-controversial global public goods, including international initiatives that promote education, before moving on to confront more controversial matters, such as funding to tackle climate change.
NA Standing Committee on Finance chairperson Fozia Wahab said that the FBR Member Direct Tax Policy Israr Rauf had made commitment with the committee to reduce the rate of turnover tax from one to 0.
turnover tax will be levied on "profits and income" and will
1 per cent turnover tax as full and final liability of income tax for persons paying turnover tax.
Congress ought to read this book, and then pass the turnover tax.
Electronic invoices in Germany must also comply with the stipulations of the turnover tax law (UStG), the commercial code (HGB), the fiscal code (AO), the principles of good accounting (GoB) and the electronic signature act.
Address : The Declarations Relating To The Turnover Of The Public Procurement (Electricity) Calculated Without Turnover Tax
Minimum tax on turnover tax will cause additional burden on small traders, it is requested to restore the previous slab.
Pakistan International Freight Forwarders Association (PIFFA) and Air Cargo Agents Association of Pakistan (ACAAP) had announced strike for indefinite period until government resolves all the issues, which include withdrawal of the turnover tax.
Moreover, solar power projects are exempted from income tax, turnover tax, and withholding tax on imports, as well as custom duties on import of renewable energy plants and equipment on condition of guaranteed off-take of power generation.
Starting 2013, there will also be a turnover tax rate of 7% on online gambling.
Chairman APTMA Mohsin Aziz said that reduction in turnover tax from 1% to 0.