Country suffered a loss due to lack of check on Afghan transit trade: FBR chairman

FBR chairman, loss, lack, check, Afghan, transit, trade, benami, taxes
19 Jul, 2019 7:41 pm

ISLAMABAD (92 News) – Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said that the country had suffered a loss due to lack of checks and balances on the Afghan transit trade.

Addressing a seminar on Friday, he said that the government would collect revenue by imposing taxes on income instead of items. “All are agreed on receiving taxes from the rich,” he said.

The FBR chairman said that the department had demanded the CNIC from the person who shopping amounting to over Rs50,000. “We have written a letter to banks to collect the details of ‘benami’ accounts,” he said.

Shabbar Zaidi said that the FBR would take action against ‘benami’ accounts. “The undeclared asset is termed as ‘benami’. Some people are giving the information voluntarily,” he said.

He said that there are about 60,000 companies. “Traders are demanding an end to the condition of the CNIC and we will not accept it,” he said.

The FBR chairman said that his task is to increase the tax base. “Small traders have to be agreed on a fixed tax. There is no tax on flour. The price management is not my job and the market committees will look into the matter,” he declared.

No tax imposed on edible items, says Shabbar Zaidi

No tax has been imposed on edible items including flour and pulses, said Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi.

Speaking at a news conference in the federal capital, he said the basic food items had not been taxed in this budget, strongly rejecting the rumors being spread in the public.

Zaidi said their target was to broaden the tax net, however, the bureau would not take any decision that hurts the country’s industry or trade.

The chairman regretted that the ratio of those paying sales tax is very low, saying Computerized National Identity Card (CNIC) is required only for the people registered under sales tax, but some elements are misusing this facility to other benefits.

The FBR chief said that detailed negotiations have been held with the businessmen and the traders to address their concerns, adding there is no deadlock in negotiations.

Shabbar Zaidi expressed satisfaction that the textile sector is on the path of development and it will be facilitated.

“We are ready to bring a fixed tax scheme for the small retailers,” he told reporters. He informed that there is no change in taxes on vehicles.

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