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Adviser on finance urges FBR to strive for broadening tax base

Adviser on finance urges FBR to strive for broadening tax base
January 2, 2020
ISLAMABAD (92 News) – Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has directed Federal Board of Revenue (FBR) to aggressively follow up its agreement with traders to expand the tax base. During a visit to FBR House in Islamabad, the advisor asked for timely and full payment of tax refunds. He emphasized to keep robust communication with public and stakeholders in every activity undertaken by the FBR to harness public support for its efforts of broadening the tax base and promoting tax-compliant culture in the country. On the occasion, FBR Chairman Shabbar Zaidi informed that FBR has registered 16.3 percent revenue growth by collecting 2,083.2 billion rupees as per provisional figures for the period between July to December 2019. He said it is 292.3 billion more than the revenue collected during the corresponding period last year. Earlier, Hafeez Shaikh has said that the foreign exchange reserves of State Bank of Pakistan (SBP) increased by 1.8 billion dollars during this period. In a tweet on Friday, the adviser also said that the current account deficit reduced by 73 per cent during the first five months of current fiscal year as compared to the corresponding period last year. He said reduction of three billion dollars in foreign exchange swaps and forward liabilities increased the foreign exchange buffer by 4.8 billion dollars which provided further stability to external account. “Current Account Deficit is down by 72.6% in Nov 2019 & 73% between July-Nov 2019 vs same period in 2018. In 5 months, increase in SBP Foreign Reserves by $1.8B & reduction of $3B in FX swaps/forward liabilities increased FX buffer by $4.8B providing further stability to external account.”