LAHORE: Federal Board of Revenue Official Spokesperson Shahid Hussai Asad has said that FBR will reinforce its collection mechanisms as it is taking special measures to meet target of 2,345 billion rupees.
A source quoted Asad, who is also Member Inland Revenue, as saying that the government has decided not to put extra burden on masses through increasing sales tax in upcoming budget.
Shahid Hussain Asad said that the rate of sales tax will remain 17 per cent in the budget 2014-15. He said that instead of increase in sales tax FBR will reinforce its collection mechanisms. “FBR has taken special initiatives to meet 2,345 billion rupees target.”
Shahid Hussain rejected reports of imposing any emergency in FBR to achieve the target.
He expressed confidence that FBR will recover the shortfall. The Member FBR said that the revenue body could not end 500 billion rupees tax exemptions due to several international agreements such as Preferential Trade Agreements (PTAs) with different countries.
He said, under IMF package, FBR would not end these exemptions with single stroke of pen. Instead the exemption will be excluded in near future gradually. He said that some of tax exemptions would be weaned off gradually in next three years.
