ISLAMABAD: Senate’s Standing Committee on Finance and Revenue has summoned high-ups of Federal Board of Revenue on April 10.
The committee seeks explanation and details of tax relief worth Rs 320 billion given to business community during the ongoing fiscal year. Similarly, the committee has asked the tax officers to inform on the impact of tax relief on the country’s economy, specifically on revenue collection.
The parliamentary committee also directed the FBR to brief on the commitment made with International Monetary Fund regarding tax system of the country. The tax department would also inform on the revenue collection of the Federal Board of Revenue. The tax collection shortfall is reportedly around Rs 105 billion so far.
FBR officials would also brief on tax to GDP ratio currently compared to the last year and borrowing from the State Bank of Pakistan during ongoing year over last year mainly due to the shortfall in tax collection.
The committee also seeks details on government’s initiative to increase the tax net, amnesty schemes announced by the government, tax exemptions and impact of these schemes and exemptions on the revenue collection of the government. shortcomings under WeBOC and as a result their impact on Afghan Transit Trade. Similarly, it has asked for the conclusive report on the investigation of Rs 40 billion tax refund scam and Federal Investigation Agency’s involvement in it.
