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Boosting trade priority: Bajwa reiterates resolve to abolish SROs

Boosting trade priority: Bajwa reiterates resolve to abolish SROs

ISLAMABAD: Federal Board of Revenue (FBR) Tariq Bajwa has reiterated the resolve to do away with all concessionary Statutory Regulatory Orders (SROs) over the next three years to provide maximum relief to business community and boost trade in the country.

Speaking during his visit to Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI), the FBR boss said the government had in principle decided to change the SROs regime. He pointed out that Sindh, Punjab and KPK province had established revenue authorities to enhance tax collection ratio which part of the reforms for broadening tax net.

He claimed the FBR had also introduced certain reforms to bring new tax payers into the net, and achieve revenue collection targets.

On the occasion, on the KPCCI president’s request, he directed the Regional Tax office (RTO) Peshawar to stop recovery of income tax from businessmen and industrialists of KPK under the former fiscal relief package for a month. Bajwa said the FBR had so far cleared all Refund Processing Orders (PROs), filed till December 2013. He urged the businessmen and industrialists for timely submission of required documents to expedite their tax rebate cases.

Earlier, speaking at the meeting KPCCI President Zahidullah Shinwari urged the federal government to remove hurdles in former PM fiscal relief package, and also extend a new financial package to the terror-hit business community of the KPK. He strongly supported the federal government policy of broadening existing tax net.

Senator Ilyas Bilour, Member Customs Nisar Mohammad Khan, Member IRS Ashraf Khan, Members Land Revenue Shahid Hussain, Chief Commissioner RTO Peshawar Asad, Dr Ikram Ghani, Collector Customs Dr Naeeem and representatives of business communities were also present at the meeting.