KARACHI: The business community of Korangi has lauded the government’s decision of withdrawing Federal Board of Revenue’s (FBR) powers to issue concessionary Statutory Regulatory Orders (SRO).
Korangi Association of Trade and Industry (KATI) Patron In-Chief SM Muneer said that many discretionary decisions taken by the FBR in the past had created distortions in the taxation system. “This has resulted in discouraging taxpayers to get registered in the tax net,” he said, adding that it has resulted in burdening the existing taxpayers.
Muneer said the decision to clear outstanding sales tax refund by August 31, 2015 was another positive decision for the business community as it would help in addressing liquidation problems.
KATI President Rashid Ahmed Siddiqui, while commenting on the budget speech by Finance Minister Ishaq Dar, said that taking powers from the FBR and handing over to the parliament is a monumental decision.
Siddiqui said that many steps were announced in the budget that would help in making the economy growth-oriented and investment-friendly. “Tax holiday awarded to the agriculture sector would attract investment besides promote supply chain.
