By Senior Reporter
KARACHI: Sindh Chief Minister Murad Ali Shah said that establishment of e-stamping system would plug revenue leakages, improve compliance ratio as well as facilitate and build confidence of taxpayer in system.
“It is my absolute pleasure to announce establishment of e-Stamping as one of major developments in this area.” On inauguration ceremony here
He said prosperous, safe, healthy, educated Sindh and to uplift living standards of people are our top priority.
Government has always laboured to enhance tax base through an efficient, effective and public-friendly tax collection system. “Therefore, with continuous efforts we have significantly increased our revenue generation, however, there is still room for improvement as tremendous potential is yet to be tapped,” he said.
“Incidence of those taxes should not trickle down to our underprivileged section of society,” he said and added that alongside improving tax collection system, Sindh government has given relief to public on taxes levied on real estate transactions by abolishing Capital Value Tax and Registration Fee, while slashing stamp duty rate from two percent to one percent.
He said that e-Stamping system envisages online generation and printing of stamp duty challan from web-based application as well as issuance of e-stamp papers from branches of National Bank of Pakistan,”
He disclosed that e-Stamping system has been put under testing in 22 branches of NBP and now finally it was ready to be rolled out in more than 300 branches of NBP across province.
He hoped that along with increasing provincial revenue, e-Stamping system would also have positive effect on broader fiscal and economic reforms in country.
Minister Revenue Makhdoom Mahboob said that as for e-stamping was concerned he has been personally involved in journey from its conceptualisation to its inauguration.