KARACHI: The federal government has decided to withdraw tax exemptions which were allowed by SRO amounting to Rs 330 billion in three years.
Sources told Customs Today that this measure will help Federal Board of Reenue (FBR) to enhance its revenues collection ratio. Sources said that after withdrawal of these exemptions, percentage of tax to GDP ratio will also increase. Sources said that Rs 75 billion tax exemptions will be withdrawn in fiscal year 2016-17, and 2017-18. These tax exemptions were Rs 477 in Fiscal Year 2013-14 which will decrease gradually and would stood at Rs 148 billion. Government has decided to broaden tax base and will take every possible measure in this regard.
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