ISLAMABAD- Federal Board of Revenue (FBR) said the government has decided not to put extra burden of sales tax on masses in the upcoming budget.
Member FBR Shahid Hussain Asad revealed this today, saying that the rate of sales tax would not cross 17 percent in the budget. He said instead of increase in sales tax, FBR will reinforce its collection mechanism.
Responding to a question regarding shortfall in revenue collections for the current fiscal year, he said FBR has taken special initiatives to meet the 2345 billion rupees target. It is worthy to note that FBR, in the last two months of the current financial year, collected slightly over 600 billion rupees.
To another question, he said FBR can’t end 500 billion rupees tax exemptions due to several international agreements such as preferential trade agreements (PTAs) with different countries. He rejected reports of imposing any emergency in FBR to achieve the target.