According to the newspaper reports, the Federal Board of Revenue (FBR) has collected Rs 1,519 billion – the record all-time high collections in term of customs duties — during the first eight months of the current fiscal year against a collection of Rs 1,342 billion in the same period of the last financial year. Therefore, the board has collected 13 percent more revenue up to February 27 this year. Another newspaper report suggests that the FBR has started a detailed audit of the equipment and vehicles imported by petroleum and exploration companies under as special concessions are given to the foreign investors.
There is no denying the fact that trust deficit exists among the Pakistani business community on the government agencies. The trust deficit is also prevailing abroad and the foreign investors are shy of investing their money in Pakistan and keep high stakes in the unstable situations. It is incumbent on the government agencies to build a bridge of trust with the business community no matter local or foreigners. The payment of tax is a national obligation, but keeping the economic interests of the country is indispensible. The world has been turned into a global village and an activity in one corner of the country has repercussions in the other part of the globe. There is a need to learn human psychology which wants protection of its life and property. A businessman is the most vulnerable individual on earth and needs protection of capital. But there is also no dearth of the black sheep within the business community and the government agencies and they must be fixed. There is a need to keep a balance between all the stakeholders.
In the present case, the Directorate General of Internal Audit of the FBR has launched audit of goods at the stage of consignment clearance. The audit of the goods had been pending for years, making it difficult for the board to reconcile accounts highlighted by the Public Accounts Committee on various occasions.
The government is investing heavily to attract the foreign investment and any exercise which will scare the foreigners will damage not only the government’s efforts, but also its credibility.
However, there is not harm in launching the audit of the consignments and every other thing under the law. The FBR has also provided various concessions but with certain conditions.
