ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Khalid Iqbal Malik asked the Federal Board of Revenue (FBR) to drastically reform the taxation system in accord with the private sector. The appeal comes in light of FBR’s failure to achieve revenue collection targets and simultaneous complaints of burdensome taxation and underhand means by private companies. He also said the shortfall in tax revenue has surfaced despite the federal government levying additional taxes and charging higher sales tax on petroleum products. He further alleged that tax authorities held back tax refunds amounting to billions of rupees to show higher tax collection figures. “Tax refunds of around Rs.300 billion are still withheld by the FBR due to which exporters and businessmen are facing liquidity problems, he added.” He also advised the FBR to expand the tax net instead of burdening existing taxpayers, as a means of enhancing revenue collection and spurring economic growth.
Published in The Express Tribune, July 2nd, 2017.