KARACHI: The chairman of Federal Board of Revenue (FBR) Asim Ahmad on Saturday said that under ongoing program of the International Monetary Fund (IMF) the government committed for not granting any tax amnesty scheme and no tax rate cut.
FBR chief was talking to business community at the Federation of Chamber of Commerce and Industry (FPCCI) during his visit to the Federation House.
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He said that the government had agreed with the IMF for neither allow any tax amnesty nor allow tax rate cut under the loan program. “Therefore, all the stakeholders have to work together on the policy,” he added.
The chairman admitted that under imports under Chapter 84 and 85 of Customs Act, 1990 was problem not only for the business community but it was also for the tax authorities as well. “Hopefully this issue will be resolved very soon,” he assured the business community.
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Asim Ahmed said that FBR never wanted to stop the clearance of parts and machinery. “Because industrial activity ensures revenue collection for the country,” he added.
The chairman said that tax officials were in touch with the business community to resolve the issues.
He said that tax reform commission had started its work soon after Ishaq Dar assumed as the finance minister. The chairman also informed that the tax audit would be conducted once in four year.
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The chairman said that the retailer and wholesaler sectors were not filing income tax returns, which was main hindrance in identifying true income. He said by enforcing the relevant tax laws on retail sector there was revenue potential of Rs20 billion. In contrast the tax authorities were able to collect only Rs6 billion from this sector.
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On the occasion, Suleman Chawla, senior Vice President of the FPCCI said that business community was uncomfortable on the issues of return filing and selection of audit. These issues should be resolved on priority.
