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Long marches, political upheavals demolish FBR’s efforts: Shahid Asad

LAHORE: Acting Chairman of Federal Board of Revenue (FBR) Shahid Hussain Asad has expressed his grave concern over long marches and political upheaval ahead of FBR’s efforts to broadening the tax net for strengthening the economy. He said that these impediments could cause huge loss to the national exchequer as local business across the country shut down in result.
Acting Chairman said that after the announcement of long march by Pakistan Tehreek Insaf (PTI), the local stock exchange witnessed declining trend in the current week, which had a negative impact on the economy.
He said that FBR has collected Rs 138 billion by July 31, 2014 which is higher than the tax collected in the same period of last year.
“The target for the previous month was Rs 137 billion, therefore FBR has surpassed the target by realizing one billion rupees more by collecting Rs 138 billion despite of long Eid holidays that reduced tax collection,” he added.
He said that FBR has committed to broadening the tax net for strengthening the national economy to enhance tax to GDP ratio in the country in line with the policy of the government.
He expressed his hope that the business community would take advantage of facilities extended by the government on filing their tax returns.