KARACHI: The Federal Board of Revenue is considering to cut/withdraw subsidies for some of the major industries. The FBR is taking these measures to enhance its revenue resources. These proposals are on the stage of final approval.
Well-informed sources in the Regional Tax Office said that at least Rs 150 billion worth of subsidies will be withdrawn in the coming budget of fiscal year 2015-16.
Through this step, the government hopes to generate an additional revenue to the tune of Rs 150 billion. Sources said that during a meeting between Pakistani officials and IMF officials, it was agreed to end SROs step by step. It is to mention here that last year the government withdrew subsidies worth Rs 100 billion, and now this amount is being enhanced to Rs 150 billion. Sources within the FBR said that the announcement about the SROs would be made during the budget speech.
