LAHORE: The Federal Board of Revenue (FBR) has completed consultations with representatives of 26 organizations and their suggestions and proposals would be accommodated in the budget 2016-7, sources said.
According to sources, the government has also decided to withdraw tax exemptions of Rs 300 billion.
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Tax exemptions for Rs 120 billion had been phased out in the first financial year while some were removed during the current year and the rest in the next financial year.
It was added that the consolidated efforts had started bearing results as revenue collection witnessed 56 per cent increase during last three years.
Now the GDP was growing at 4.5 percent and budget deficit reduced to 4.5 percent from 7 percent of last financial year while remittances and foreign exchange reserves were also showing significant increase, it was added.
