Inland Revenue-Policy Member Shahid Hussain Asad says demand from various sections of society made the FBR withdraw exemption of more than Rs 132 billion
LAHORE: The Budget 2015-16 has been made keeping in view the interests of the common people on the principle of least tax burden on the poor and middle classes of the country.
This was stated by Federal Board of Revenue (FBR) Inland Revenue-Policy Member Shahid Hussain Asad at a post-budget seminar organised by the Lahore Tax Bar Association (LTBA).
Speaking on the occasion, he said that the SRO culture has been the talk of the town and various sections of society had urged the FBR to withdraw exemption of more than Rs 132 billion during the Budget 2015-16, whereas Rs 105 billion exemptions were withdrawn during the last budget, he said.
He said that the FBR has surrendered its power to issue SROs and from the July onwards no SRO will be issues except during natural calamity with the permission of the Economic Coordination Committee (ECC), which too will be applicable until the end of that very specific year, Shahid Asad said.
”Only parliament will be the authority to give and withdraw exemptions,” he added.
The customs tariff had been also been reduced to 25 percent and tax laws were being revised, he said, and added that the tax net would also be widened.
He said the new target for the FBR was set to the tune of Rs 3.103 trillion, of which Rs 1.347 trillion would be collected through direct taxes, Rs 299 billion from customs, Rs 1.250 trillion from sales tax and the remaining would be collected under the head of federal excise duty.
LTBA President Munsha Sukhera, General Secretary Qameruz Zaman, Finance Secretary Mubsahr Baig, Joint Secretary Muhammad Ali, Abdul Qadir, Muhammad Shahid and others were also present on the occasion.
