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  • FBR transfers senior IR officers in major reshuffle

    FBR transfers senior IR officers in major reshuffle

    ISLAMABAD: The Federal Board of Revenue (FBR) has transferred senior officers of Inland Revenue Service (IRS) following change of its chairman.

    The new government appointed Asim Ahmad as FBR chairman, who assumed the charge on April 27, 2022. Asim replaced Dr. Muhammad Ashfaq Ahmed.

    After this key transfer, the FBR made major reshuffle by notifying transfers and postings of senior IRS officers.

    READ MORE: IR offices to observe extended working hours for collection

    The FBR notified transfers of the following officers of BS-19 and BS-20:

    01. Aqeel Ahmed Siddiqui (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, Benami Zone-III, Karachi from the post of Commissioner Inland Revenue (Appeals-V), Karachi.

    The officer will assume charge after charge relinquishment of Najeeb Ahmad Memon, proceeding on NMC w.e.f 09.05.2022.

    02. Adnan Inamullah Khan (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (WHT) Regional Tax Office, Islamabad from the post of Commissioner, (WHT) Regional Tax Office, Sargodha.

    03. Ms. Humaira Maryam (Inland Revenue Service/BS-20) has been transferred as Commissioner Inland Revenue, (Audit-I) Corporate Tax Office, Lahore from the post of Commissioner, (Legal) Corporate Tax Office, Lahore.

    The officer will assume charge of the post on charge relinquishment of Ms. Laila Ghafoor, proceeding on NMC w.e.f 09.05.2022.

    READ MORE: Asim becomes 32nd FBR chairman

    04. Dr. Erfa Iqbal (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Legal) Corporate Tax Office, Lahore from the post of Chief, (Legal-II) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad.

    05. Zulfiqar Ahmad (Inland Revenue Service/BS-20) has been transferred and posted as Chief, Admin Pool Federal Board of Revenue (Hq), Islamabad from the post of Commissioner, (Enforcement) Large Taxpayers Office, Islamabad.

    06. Naeem Babar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Enforcement-II) Corporate Tax Office, Lahore from the post of Commissioner, (Chenab Zone) Regional Tax Office, Faisalabad.

    The officer will assume charge of the post on charge relinquishment of Ms. Iram Shabbir, proceeding on study leave w.e.f 15.05.2022.

    07. Ms. Shabana Mumtaz (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Enforcement) Large Taxpayers Office, Islamabad from the post of Commissioner, (Legal) Large Taxpayers Office, Islamabad.

    08. Saleem Akhtar (Inland Revenue Service/BS-20) has been transferred and posted as Chief (IMC), Federal Board of Revenue (HQ), Islamabad from the post of Commissioner, (Zone-I) Regional Tax Office, Sargodha.

    09. Mohy ud Din Ismail (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue AEOI Zone, Islamabad from the post of Commissioner, (ICTO Zone) Regional Tax Office, Islamabad.

    10. Rehan Safdar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Lyallpur Zone) Regional Tax Office, Faisalabad from the post of Commissioner, (WHT) Regional Tax Office, Faisalabad.

    READ MORE: POS service fee issue hampers sales tax return filing

    The officer is also assigned the additional charge of the post of Commissioner-IR (WHT), Regional Tax Office, Faisalabad, as per Rules.

    11. Sajjad Azhar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue, (Legal) Large Taxpayers Office, Islamabad from the post of Commissioner, (WHT) Regional Tax Office, Islamabad.

    12. Abdul Hameed Shaikh (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-V), Karachi from the post of Chief, (IR-Formations) Inland Revenue Operations Federal Board of Revenue (Hq), Islamabad.

    13. Ms. Sajida Kausar (Inland Revenue Service/BS-20) has been transferred and posted as Chief, Admin Pool Federal Board of Revenue (Hq), Islamabad from the post of Commissioner Inland Revenue AEOI Zone, Islamabad.

    14. Murtaza Siddique Khan (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (SPR&S-I) Strategic Planning Reforms & Statistics Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, Regional Tax Office, Gujranwala.

    15. Fazli Malik (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (Chenab Zone) Regional Tax Office, Faisalabad from the post of Additional Commissioner, Regional Tax Office, Peshawar.

    16. Basit Saleem Shah (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (IR-Formations) Inland Revenue Operations Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad.

    The officer is also assigned the additional charge of the post of Chief (OPS) (Analysis), Inland Revenue Operations, FBR (HQ), Islamabad, as per Rules.

    17. Muhammad Asif (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (WHT) Regional Tax Office, Sargodha from the post of Additional Director, Addl. Directorate of Internal Audit (Inland Revenue), Peshawar.

    READ MORE: IR officers’ bid to deny tax refund adjustment criticized

    18. Pervez Ahmad Shar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (WHT) Regional Tax Office, Bahawalpur from the post of Additional Commissioner, Regional Tax Office, Sukkur.

    19. Ms. Adeela Yusuf Khan (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (Reforms) Reforms & Modernization Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Addl. Directorate of Internal Audit (Inland Revenue), Rawalpindi.

    20. Attique-ur-Rehman Mughal (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (Jhang Zone) Regional Tax Office, Faisalabad from the post of Additional Commissioner, Large Taxpayers Office, Lahore.

    21. Tauqeer Ahmad (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (POS) Inland Revenue Operations Federal Board of Revenue (Hq), Islamabad from the post of Additional Commissioner, Large Taxpayers Office, Islamabad.

    22. Rehmatullah Khan Durrani (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue, (OPS) (Zone-II) Regional Tax Office, Quetta from the post of Additional Commissioner, Regional Tax Office, Sukkur.

    23. Ihsan Ullah (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Regional Tax Office, Islamabad from the post of Additional Commissioner, Regional Tax Office, Rawalpindi.

    24. Qadir Nawaz (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue, Regional Tax Office, Faisalabad from the post of Additional Commissioner, Corporate Tax Office, Lahore.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • IR offices to observe extended working hours for collection

    IR offices to observe extended working hours for collection

    The Federal Board of Revenue (FBR) has issued a directive for the extension of working hours at Inland Revenue (IR) offices on April 29 and 30, 2022 (Friday and Saturday) for revenue collection.

    (more…)
  • SBP forex reserves shrink to 1.69 months import cover

    SBP forex reserves shrink to 1.69 months import cover

    KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) reduced to provide only 1.69 months covers for import payment.

    According to details released by the SBP, the official reserves of the central bank fell by $328 million to $10.558 billion by week ended April 23, 2022 as compared with $10.886 billion a week ago.

    READ MORE: Pakistan forex reserves inch up to $17.045 billion

    The import bill of Pakistan was $6.425 billion in March 2022. On the basis of import bill in March 2022 the import cover is only for 1.69 months.

    The SBP attributed the decline in official foreign exchange reserves to external debt and other payments.

    The total foreign exchange reserves of the country declined by $377 million during the week under review.

    The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

    Meanwhile, the foreign exchange reserves held by commercial banks fell by $49 million to $6.11 billion by week ended April 23, 2022 as compared with $6.159 billion a week ago.

  • Asim becomes 32nd FBR chairman

    Asim becomes 32nd FBR chairman

    ISLAMABAD: Asim Ahmad has assumed as the 32nd chairman of the Federal Board of Revenue (FBR) from April 27, 2022.

    It is second term of Asim Ahmad to serve the apex tax agency of Pakistan. Prior the present posting, he served as FBR chairman during April 09, 2021 to August 24, 2021. He is the 10th FBR chairman since June 30, 2017.

    Asim Ahmed replaced Dr. Muhammad Ashfaq Ahmed. Ashfaq served the FBR as chairman for eight months. He was chairman during August 24, 2021 to April 27, 2022. Dr. Ashfaq was 7th FBR chairman during PTI government.

    1)Mr. Asim Ahmad (Current Chairman)27.04.2022 .
    2)Dr. Muhammad Ashfaq Ahmed24.08.202127.04.2022
    3)Mr. Asim Ahmad09.04.202124.08.2021
    4)Mr. Muhammad Javed Ghani07.07.202009.04.2021
    5)Ms. Nausheen Javaid Amjad08.04.202006.07.2020
    6)Ms. Nausheen Javaid Amjad (Acting Chairperson)06.01.202008.04.2020
    7)Syed Muhammmad Shabbar Zaidi10.05.201906.01.2020
    8)Mr. Mohammad Jehanzeb Khan29.08.201810.05.2019
    9)Ms. Rukhsana Yasmin02.07.201829.08.2018
    10)Mr. Tariq Mahmood Pasha04.07.201702.07.2018
    11)Dr. Muhamad Irshad19.01.201730.06.2017
    12)Mr. Nisar Muhammad Khan17.11.201518.01.2017
    13)Mr. Tariq Bajwa02-07-201317.11.2015
    14)Mr.Ansar Javed 10-04-201330-06-2013
    15)Mr. Ali Arshad Hakeem10-07-201209-04-2013
    16)Mr. Mumtaz Haider Rizvi21.01.201210-07-2012
    17)Mr. Salman Siddique24.12.201021.01.2012
    18)Mr. Sohail Ahmad18.05.200918.03.2010
    19)Mr. Moinuddin Khan02.01.199806.11.1998
    20)Mr. Hafeezullah Ishaq11.11.199602.01.1998
    21)Mr. Shamim Ahmed28.08.199611.11.1996
    22)Mr. Alvi Abdul Rahim13.07.199528.08.1996
    23)Mr. Sajjad Hasan24.07.199103.10.1991
    24)Mr. Ahadullah Akmal16.08.199024.07.1991
    25)Mr. Ghulam Yazdani Khan22.01.198911.08.1990
    26)Syed Aitezazuddin Ahmed20.08.198802.01.1989
    27)Mr. I.A. Imtiazi11.08.198520.08.1988
    28)Mr. Fazlur Rahman Khan14.12.198011.08.1985
    29)Mr. N.M. Qureshi12.11.197514.12.1980
    30)Mr. M. Zulfiqar01.10.197412.11.1975
    31)Mr. Riaz Ahmad17.11.197330.09.1974
    32)Mr. M. Zulfiqar11.10.197117.11.1973
  • SBP directs all banks to open on April 30 before Eid holidays

    SBP directs all banks to open on April 30 before Eid holidays

    KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to remain open on Saturday April 30, 2022 to facilitate customers ahead of Eid holidays.

    The central bank clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.

    In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.

    Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.

  • SBP imposes penalty of Rs109 million on four banks

    SBP imposes penalty of Rs109 million on four banks

    KARACHI: The State Bank of Pakistan (SBP) has imposed an amount of Rs109 million as monetary penalty on four banks for violating regulatory provisions, including anti-money laundering (AML) and countering financing of terrorism (CFT).

    READ MORE: SBP imposes Rs1.45 billion penalty on 18 banks in 2021

    The central bank on Wednesday issued details of monetary penalty imposed on banks during quarter (January – March) 2022 for regulatory violations.

    According to details the highest penalty amount of Rs40.90 million has been imposed on Albaraka Bank (Pakistan) Limited for violating regulatory instructions pertaining to AML/CFT, Asset Quality, FX & General Banking Operations etc.

    READ MORE: SBP imposes penalty of Rs58 million on five banks

    In addition to penal action, the SBP directed the bank to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

    The second highest penal amount Rs38.50 million has been imposed on Askari Bank Limited for violation of regulatory instructions pertaining to Customer Due Diligence (CDD) / Know Your Customer (KYC), asset management and general banking operations.

    READ MORE: SBP slaps Rs280 million penalty on National Bank

    The SBP directed Askari Bank to strengthen its controls/processes in the identified areas.

    The central bank also imposed monetary penalty amounting Rs19.27 million and Rs10.265 million on National Bank of Pakistan (NBP) and U Microfinance Bank Limited, respectively.

    READ MORE: SBP imposes monetary penalty on eight banks

    The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.

    In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.

  • POS service fee issue hampers sales tax return filing

    POS service fee issue hampers sales tax return filing

    KARACHI: Karachi Tax Bar Association (KTBA) has raised the issue that taxpayers are unable to file sales tax return for the month of March 2022 as online system is denying taxpayers without payment of POS service fee.

    The KTBA in a letter sent to FBR chairman on Wednesday urged to take urgent note of the matter and extend the date for filing sales tax return for the tax period March 2022. Further, allow a mechanism to upload the evidence of POS service already paid to enable them to file the Sales Tax Return for March 2022.

    READ MORE: IR officers’ bid to deny tax refund adjustment criticized

    Through its SRO 1279/(I)/2021 dated 30 September 2021, the FBR levied Point of Sale (POS) service fee of Re1 (one rupee) per invoice on all invoices raised through POS integrated with Board’s computerized system.

    It also specified that the above amount collected by the Tier-1 retailers from the customers shall be deposited along with the monthly sales tax returns (STR) in a designated bank account.

    However, even before such levy was introduced through the above SRO, the Board vide S.R.O.1006(I)/2021 dated August 9, 2021 had already issued a standardized format for issuance of invoices by Tier-1 retailers through POS.

    READ MORE: KTBA recommends separate tax fraud proceedings

    The above format provided for separate line/row for collection of the POS service fee.

    Further a procedure for operationalization of SRO 1006(1)/2021 dated 9th August 2021” was issued carrying the following directions:

    “2. The POS Service Fee of Re1 per invoice shall be collected by T-1Rs from the customers and shall be deposited along with the monthly Sales Tax return which is being amended to include a row for “POS Service Fee”. This row shall be auto populated by the system based on the invoices generated and recorded at the Board’s computerized system. The POS Service Fee collected each month shall be deposited by the T-1 Retailer in a separate head of Account.”

    READ MORE: FBR urged to remove irritants in sales tax refund

    Subsequently, the taxpayers were intimated through IRIS of the following designated Bank Account for the purpose of deposit of POS service fee charged by them –

    Account Title: IRS Common Pool Fund

    Account No: PK76ABPA0010002165980013

    Bank Name: Allied Bank Limited

    Branch Name and Address: Allied Bank Plaza, Blue Area, Jinnah Avenue Islamabad

    Branch Code: 07024

    The KTBA sought clarification

    READ MORE: Unified sales tax law for all tax authorities sought

    “Applicability of POS service fee on invoices issued from 01 October 2021

    As explained above, since the above service fee was levied through S.R.O.1279/(I)/2021 dated 30 September 2021, we understand that the chargeability of POS service fee is applicable with effect from 01 October 2021.

    However, we have been informed by our members that notices are being issued to the taxpayers requiring them to make payment of the POS service fee from August 2021 based on SRO 1006 referred above.

    We, therefore, request your office to kindly take notice of the above matter and direct the field offices not to issue notices and demand the T-1 Retailors to deposit the POS service fee in relation to periods prior to October 2021.”

    “Adjustment of POS service fee in the STR

    As discussed above, the Board directed the T-1 Retailors to collect POS service fee and deposit the same in the designated bank account notified by it. However, the T-1 Retailors are unable to file the Sales Tax Returns (STR) for the tax period March 2022 due to the reasons that IRIS has placed an objection to pay the POS Fee from the date of integration irrespective of the fact that the same has already been deposited in the designated bank account / its applicability from October 2021. Further, the IRIS is not permitting the return to be submitted unless the newly designed payment challan is paid by the taxpayers.”

  • FBR makes tax stamps mandatory for fertilizer bags

    FBR makes tax stamps mandatory for fertilizer bags

    ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday made tax stamps mandatory for packing and supply of fertilizer bags.

    The FBR issued Sales Tax General Order (STGO) No. 15 of 2022 to implement track and trace system under SRO 250/2019 related to fertilizer bags.

    The FBR said that the provisions of Section 40C (2) of the Sales Tax Act, 1990 read with Rule 150ZF of the Sales Tax Rules, 2006 mandate the revenue body to notify the date for the implementation of Electronic Monitoring of production and sales of goods in the manner prescribed in the law on all manufacturing sites of notified sectors.

    READ MORE: FBR directed to bring entire sugar supply chain into tax net

    The board further said in exercise of the powers conferred under Section 40C(2) of the Sales tax Act, 1990 and Rule 150ZF of the Sales Tax Rules, 2006 it is hereby notified that no fertilizer bag shall be allowed to be removed from a production site, factory premises or manufacturing plant or import station without affixation of tax stamps/Unique Identification Markings (UlMs) with effect from July 01, 2022, which are to be obtained/procured from FBR’s Licensee M/s. AJCL/MITAS/Authentix Consortium.

    Under SRO 250/2019 it has been made mandatory for goods to be affixed with tax stamps, banderoles, stickers, labels, barcodes, etc.

    READ MORE: IR officers’ bid to deny tax refund adjustment criticized

    It said that every package, including a tin, container or bottle, of the specified goods whether manufactured or imported shall be affixed or printed a tax stamp, banderole, sticker, label, barcode etc.

    Provided that in respect of such specified goods which are exempt or meant for export tax stamps shall not be required to be affixed thereon, but shall be clearly, legibly and indelibly marked as “Exempt Goods” or “For Export”, as the case may be.

  • FBR directed to bring entire sugar supply chain into tax net

    FBR directed to bring entire sugar supply chain into tax net

    ISLAMABAD: President of Pakistan, Dr. Arif Alvi has directed the Federal Board of Revenue (FBR) to bring entire supply chain of sugar sector into to tax net.

    Dr Arif Alvi directed the tax authorities to bring into the tax net the unregistered wholesalers, dealers or distributors of sugar buying huge quantities from sugar mills to broaden the tax base, according to a press statement issued on Monday April 25, 2022.

    READ MORE: President Alvi retains major penalty on NAB official

    The President observed that despite making huge monetary transactions and the availability of their data with FBR, these unregistered buyers of sugar largely remained outside the tax net and were evading the prime national responsibility of paying taxes.

    He passed these directions while upholding a decision of the Federal Tax Ombudsman (FTO) directing FBR to bring unregistered buyers of sugar in bulk into the tax net to improve the collection of sales tax and reporting compliance within 90 days.

    As per details, FTO had initiated an Own Motion investigation against the failure of FBR to bring into the tax net the unregistered buyers of sugar from M/s Naudero Sugar Mills (Pvt) Ltd.

    READ MORE: President Alvi directs bank to refund unfair recovery

    The FTO observed that non-NTN holders had been buying huge quantities of sugar from sugar mills and their data was fully accessible by the FBR but this huge potential for tax collection remained unutilized.

    In its report, the FTO highlighted that during the last four years sugar worth Rs 2.7 billion was supplied by the said mills to various unregistered buyers, only three buyers held NTN, and FBR had not paid due attention to broadening the tax base.

    It further observed that this low hanging fruit had not yet been harvested and despite making huge monetary transactions, unregistered buyers of sugar remained outside the tax net.

    READ MORE: President Alvi rejects FBR plea in maladministration cases

    The FTO underscored that unregistered persons were easily identifiable because sugar mills were required to maintain records of supplies made during the tax period and issue tax invoices indicating names, addresses, description, quantity, values of goods, CNIC or NTN of persons to whom the supplies were made under the Sales Tax Act of 1990.

    Based on these findings, FTO had directed the Chief Commissioner, Large Taxpayers’ Office, Karachi to enforce compliance after obtaining data of unregistered persons from the sugar mills.

    The FBR filed a representation with the President against this order of FTO. President Dr Arif Alvi disposed of the matter with the observations that FBR’s field formations were not vigilant in collecting information related to unregistered buyers and were content with just whatever was being submitted in the monthly sales tax returns of mills.

    READ MORE: Dr. Alvi orders action over misconduct with 82-year taxpayer

    He regretted that the data of unregistered buyers was not being examined for the purpose of broadening the tax net. He noted that FBR’s field formations held jurisdiction over sugar mills and could secure the complete particulars of all buyers by proper and timely analysis of withholding statements.

    Serious negligence and inefficiency on part of the field formations of FBR in the discharge of its duties was tantamount to maladministration, he added.

    He observed that FTO’s recommendations were only a reiteration of the duty of FBR to strictly deal with unregistered sugar dealers to bring them under the tax net.

    READ MORE: Dr. Alvi rejects banker’s plea in woman harassment case

    He directed that FTO’s recommendations must be applied to the entire sugar sector to increase compliance with taxes and to enrol those who were escaping the prime national responsibility of paying taxes.

    The President disposed of FBR’s representation with the direction to submit a comprehensive implementation report to FTO within 60 days.

  • FPCCI demands reducing income tax slabs to five

    FPCCI demands reducing income tax slabs to five

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday urged the government to reduce income tax slab to 5 – 7 from 11 slabs.

    FPCCI President Irfan Iqbal Sheikh proposed the simplification of personal income tax slabs down to 5 – 7 from the current 11 slabs. Interestingly, IMF has also recommended the same and can add up to Rs200 billion to the tax collection in a couple of years.

    READ MORE: Tax slabs reduction may be considered: FBR chairman

    FPCCI president said that the economic and business environment has reached a point where the business community finds the demand of imposing an economic emergency justifiable to put an end to the economic uncertainty. He added that businesses cannot operate profitably under such harsh and unfavorable conditions.

    Irfan Iqbal Sheikh emphasized that the policy rate must be aggressively brought down to 7 percent from its current level of 12.25 percent to make access to finance affordable for the private sector to keep the economic activities afloat.

    READ MORE: High interest rate to destroy economy: FPCCI

    He also noted that the step will bring down the short-term debt servicing of the government by Rs300 billion; and, provide breathing space to the government for the better fiscal management.

    Irfan Iqbal Sheikh noted with concern that the budgetary deficit is also increasing due to the incessantly loss-making State-Owned Enterprises (SOEs) and now it is absolutely imperative to reform and restructure them decisively; as their share in budgetary deficit has reached to 23 percent.

    READ MORE: Political unrest dents foreign investors’ confidence: Nisar

    He also called for an increase in FED on cigarettes and carbonated drinks to serve the dual purpose of generating revenues and protecting the general public in general and the workforce in particular from health hazards that have been unleashed on them by smoking and diabetes-causing sweetened drinks. He added that if FED is raised on cigarettes to 70 percent, Pakistan can generate up to Rs. 240 billion additional revenues.

    FPCCI President expressed his willingness to engage with the government in a consultative process to take on the economic challenges collectively in the broader national interest. However, he reiterated his stance that policies should not be announced in a vacuum without consulting the business, industry and trade community – as they are the real stakeholders.

    READ MORE: FPCCI proposes charter of economy to new government

    Additionally, he called for a pro-business federal budget 2022 – 23; enabling the private sector to invest in the economy, set up new industry, increase exports on an expedited rate, generate employment and contribute towards revenue collection in a healthy manner.