RAWALPINDI: Federal Board of Revenue (FBR) Chairperson Nosheen Javed Amjad has said that next financial budget will be an extraordinary budget in view of the Corona epidemic. Businesses were closed due to the lockdown and FBR is facing shortage on tax collections.
She made these remarks during her meeting with a delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI). The delegation led by President Saboor Malik which includes group leader Sohail Altaf and former president Zahid Latif Khan.
FBR Chairperson said that the budget for the next financial year is in the final stages of preparation. Suggestions are being collected from the stakeholders.
The joint declaration of the RCCI’s Chambers Presidents Conference will be useful in finalizing the budget. Appreciating the budget proposals from the Rawalpindi Chamber, she said that the best budget would be formulated with the consultation and suggestions of the stakeholders.
On the occasion, President Saboor Malik said that the Chamber held a virtual summit with all the chamber presidents through video link and gathered joint proposals. He expressed hope that the chamber’s budget proposals would be included in the budget formulation. Group Leader Suhail Altaf said that the Joint Declaration was an important document and would serve as a basic guideline for the government to address economic challenges.
He demanded that the ground realities be kept in mind while setting budgeting and revenue targets. The FBR should introduce such tax reforms that not only attract new taxpayers but also increase its revenue.