Parliament has powers to accept or reject VAT: CBR Chairman
SRT Watch
ISLAMABAD, March 18: ( APP/AFP) Sohail Ahmed, chairman Federal Board of Revenue has 
said that about 40 million rupee will be additional income from value added taxes to be imposed in Gilgit Baltistan.He said that Wheat, flour, pulses, education, live saving medicines and health as well as imports will be exampt from value added tax. He said that Value Added Tax bill sought no role of International Monitory Fund (IMF) and World Bank (WB). Chairman FBR Sohail Ahmed ON Thursday said that the Value Added Tax (VAT) regime was not being implemented in the country on the dictations of International Monitory Fund (IMF) or World Bank (WB) and the parliament had the powers to accept or reject the same. He was addressing a session of Rawalpindi Chamber of Commerce and Industries (RCCI) at Pearl Continental here, which was also attended by the presidents of Chambers and Industries from across the country. He said the implementation of the VAT from July 2010 in place of existing General Sales Tax, would only be possible if all the federating units agreed on it.
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