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FBR targets economic growth

Business

October 25, 2020

LAHORE: With focus on growth of business and industry, the economic growth is now the main target of the Federal Board of Revenue (FBR) rather than tax revenues.

These views were expressed by the Member Inland Revenue-Operations FBR, Dr Muhammad Ashfaq Ahmed, in a meeting held at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday.

The refunds of unprecedented amounts are being paid, as the FBR now believes in pumping liquidity into businesses, adding, previously when the FBR was holding refunds, the private sector was going to banks for working capital and this increased their cost of business, he said.

He said through the new refunds system, the refunds are being paid within 72 hours. The whole system is transparent and fully automated. Businesses must improve technologically to align with the new FBR system.

Income tax refunds has many complexities and require multiple verifications. This system will be improved in the coming months, he added.

Ahmed said once the taxation system is running smoothly, the sales tax rate will come down. The issues of POS system are being resolved in consultation with the business community.