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Budget 2021/2022 to focus on easing tax burden: Member IR

Karachi: The upcoming federal budget will ease the burden on the industrial sector to reduce the cost of doing business to facilitate industrial and exporters, Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR), said on Friday.

The Member was addressing the members of Karachi Chamber of Commerce and Industry (KCCI) during his four day visit to the city.

The Member said that the FBR was working on a policy to reduce the cost of doing business.

He said that it was encouraging that export orders were increasing. Further, a report of the State Bank of Pakistan (SBP) pointed out a reduction in the cost of doing business.

“The budget 2021/2022 will focus on reducing the cost of production. Further, the priority will be easing the tax burden on the industrial sector,” the Member added.

FBR receives numerous budget suggestions every year, he said, adding that the KCCI should send essential proposals.

The Member said that the condition of CNIC was part of the statute. He also said that audit was part of the taxation system.

He said that the FBR would introduce a new tax policy in the next three months. The Member said that refunds would be paid when claimed.