KARACHI: The Federal Board of Revenue
(FBR) will hold two-day meetings with businessmen and foreign investors from
today to discuss their tax proposals for the upcoming budget and stuck sales
tax refunds, officials said on Wednesday.
Officials said top
brass of the FBR is scheduled to visit Karachi on February 9 and 10 to meet
business community, including foreign investors and leading multinational
companies (MNCs).
The visiting team
would include Haroon Akhtar, advisor to prime minister on revenue, Muhammad
Irshad, chairman of FBR and member inland revenue (policy) Rehmatullah Khan Wazir.
The tax authorities
would hold talks with the Overseas Investors Chamber of Commerce and Industry
and Pakistan Business Council (PBC) on the first day. PBC has also members from
foreign companies and MNCs.
A senior FBR official
said the foreign investors had complained the FBR about their stuck sales tax
refunds, creating liquidity issue and discouraging foreign companies operating
in Pakistan.
The official said
overseas companies would also share their tax proposals for the next federal
budget of 2017/18. The FBR team would also discuss with them the declining
revenue from the corporate sector.
The provisional tax
collection of the FBR reached Rs1.7 trillion during the first seven months of
the current fiscal year of 2016/17. The board needs to collect at least Rs1.92
trillion in the next five months to meet the annual target of Rs3.621 trillion.
The FBR team will also
discuss revenue collection, refunds and audit issues with the members of the
Federation of Pakistan Chambers of Commerce and Industry on the second day of
their visit.
They also meet with
the governor of the State Bank of Pakistan to get updates on withholding tax
deduction by banks. Officials said during the two-day visit the team would also
meet with the officials of large taxpayers units and regional tax offices to
review the revenue performance.
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