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Committee to sort out anomalies in budget from July: Tariq Bajwa

Committee to sort out anomalies in budget from July: Tariq Bajwa

ISLAMABAD: Federal Board of Revenue will form a committee to identify and eliminate anomalies in Budget 2014-15 which will start working in July 2014. The committee will analyse the proposals regarding customs duty tariffs and exemptions forwarded by Federation of Pakistan Chambers of Commerce, other Chambers and various trade organisations.

Sources in FBR informed Customs Today that FPCCI President Zakria Usman, Vice President Munawar Mughal, famous industrialists Mirza Ikhtiar Beg and Mirza Ishtiaq Beg visited FBR headquarters and met FBR Chairman Tariq Bajwa.

During the meeting, aspects of elimination of exemptions in the Finance Bill 2014-15 for the importers and traders under previously issued SROs and their effects were discussed.

The delegation suggested that the levy of five per cent duty and an equal percentage of sales tax should be lifted from import of all kinds of machinery just like on textile machinery.

The chairman said that whatever the business community suggests should be forwarded to committee for sorting out anomalies in the Finance Bill 2014-15. He said that the committee would start working from the next month.

FBR Chairman assured that all hurdles due to duties and taxation will be removed in the path of business, exports and investment. He said that wrong benefits should not be taken from the Self Assessment Scheme.

“FBR is ready to listen to real problems of taxpayers all the time,” he added.

He further said that taxpayers audit system is being strengthened to increase its jurisdiction.