Pakistan's Economy Can't Afford Exemptions, Subsidies: FBR Member

Federal Board of Revenue (FBR) Member (Admin and Human Resource) Dr. Faiz Illahi Memon said on Monday that Pakistan's economy could not afford exemptions and subsidies

HYDERABAD, (UrduPoint / Pakistan Point News - 3rd Oct, 2022 ) :Federal board of Revenue (FBR) Member (Admin and Human Resource) Dr. Faiz Illahi Memon said on Monday that Pakistan's economy could not afford exemptions and subsidies.

He was speaking to members of Hyderabad Chamber of Commerce and Industry (HCCI).

Dr Faiz Illahi said that the percentage in tax had been lessened while fixed retailer tax would not be audited.

He said due to changes in tax policies people get disturbed.

He said that some of the withholding taxes were being merged, adding that taxpayers, indeed, face difficulties due to purchases with unregistered persons.

He maintained that the situation was now improving and the system was being upgraded.

Memon said that no complaints were received in the tax return filing.

He said that due to floods and rains emergency date for filing of returns had been extended for the business community.

HCCI President Adeel Siddiqui said that it was the first visit of any FBR member to HCCI in the last 15 years.

Siddiqui said that traders always prefer tax payment.

The HCCI Chief observed that traders' body was encouraging women entrepreneurs besides organizing Hyderabad women Chamber.

He called for relief for small traders affected by rains and floods.

He added that traders didn't get refunds for 2018 that must be done forthwith.

Chief Commissioner Inland Revenue Muhammad Farooq Azam Memon, HCCI Patron In-Chief Ikram Rajput, Patron Iqbal Hussain Baig, Senior Vice President Najamuddin Qureshi and others also spoke on the occasion.