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" VALUE ADDED TAX---SUGGESTIONS     VALUE ADDED TAX---SUGGESTIONS FOR IMPLEMENTATION*   By   Muhammad Shahid Baig, Advocate, High Court, Lahore   It seems that the stage has been finally set to replace the existing Sales Tax Law with VAT with effect from 1st July, 2010 as the World Bank experts after finalizing the VAT implementation plan with the FBR have left for Washington to submit their report on Pakistan's preparedness on VAT to the IMF Executive Board which is scheduled to meet on 14th May, 2010. It is relevant to say that the IMF depends on the World Bank report to review progress on the tax administration including the implementation of VAT. FBR Chairman says that FBR is prepared to implement the VAT and not looking for Plan B to introduce the improved version of the GST. He further says that the rules and regulations have been finalized which would be made public for comments after the Law is passed by the Parliament and the Provincial Assemblies.   Encouraged partly by the government's determination to impose VAT, IMF was the first to respond in a positive manner and its Executive Board will now meet in Mid-May to approve the next tranche of Pakistan's 11.3 billion Dollars loan.   * Lecture at Lahore Tax Bar Association, in Seminar on VAT on 5-5-2010   The drafters claim that the value added tax (VAT) bill has been prepared keeping in view the best practices of VAT prevailing in the world. The Chairman FBR says VAT is successfully implemented in 130 countries of the world and tax collection has been increased substantially in these countries after implementation of VAT. Mr. Israr Rauf, one of the members of VAT Team of FBR, says, Pakistan is 137th country where VAT would be applied. On the other hand, Senate Standing…