FBR assures maximum support to business community

March 21, 2022: Federal Secretary for Revenue and Chairman of Federal Board of Revenue, Dr Ashfaq Ahmed on Monday assured that the government was committed to provide maximum support, facilitation and ease of doing business to business community with ultimate objective of strong and flourishing economy, and quantum jump in the state revenue.

While speaking at an interactive session with members of Karachi Chamber of Commerce and Industry here at the chamber, he said FBR had also taken various initiatives , which included simplification of tax collection procedures and automation of the system to encourage the business community to come under tax net.

Instead of putting more tax burden on the existing taxpayers, FBR was making efforts to increase their number. As part of its plan for ease of doing business, FBR was in process of compiling a new tax manual by merging the earlier three books.

“We would have to learn, how to operate in international market without tax exemptions,” he asserted.

He said FBR had already been working on rationalizing income tax collection and next year we would rationalize sales tax and bring its rate down. Besides, he added, FBR was also working on the supply chain.

He admitted that there were issues of fiscal management. However, for the first time in history, FBR had achieved month-wise tax collection targets. And, he acknowledged, the credit went to the business community, mainly of Karachi which was the industrial and trading hub of the country.

He said that his today’s visit to the chamber was a part of the next budget preparation and assured to meet KCCI representatives frequently to seriously working on chamber’s proposal for next annual budget of the country and find solutions to their satisfaction, along with other addressing other issues relating to FBR.

KCCI was the largest chamber of the country and had been playing a big role in the country’s economy and development.

When his attention was drawn to sales tax collection through points of sale (PoS) , he praised Karachi business community’s cooperation and contribution in this regard.

Muhammad Zubair Motiwala, Muhammad Jawed Bilwani and President KCCI Muhammad Idress Memon apprised the FBR Chief and his team of the issues relating to the customs, income and sales taxes facing the business community in Karachi.

Chairman, KCCI Standing Committee on Taxation, M.Ibrahim Qasumbi gave a presentation on the chamber’s proposal for next national budget ( 2022-23).

Secretary Revenue and Chairman FBR, Dr. Ashfaq Ahmed also replied to queries from KCCI members representing different type of businesses.

APP