RECORDER REPORT

ISLAMABAD: The Federal Board of Revenue (FBR) wanted to propose a new law that every banking transaction (business and non-business) beyond a certain limit should only be allowed through cross cheque or debit/credit entry.

During the meeting of sub-committee of National Assembly Standing Committee on Finance here on Thursday, Senior Member Policy Inland Revenue Shahid Hussain Asad has requested the Parliament to approve a new law for documentation of economy in budget (2015-16). “Parliament should help the FBR in introducing the new law,” he said.

If such a law has been effectively enforced, it would be instrumental in documentation of all transactions and ultimately rates of sales tax and income tax could be reduced. Through Finance Bill, parliament can propose any limit like Rs 1-2 lakh for documentation purposes. The idea is that every transaction whether business and non-business should only be allowed through cross cheque or debit/credit entry, Shahid Hussain Asad added.