Caretaker Finance Minister briefs business community on economic measures

Caretaker Federal Minister for Finance and Revenue Dr Shamshad Akhtar on Saturday visited the Overseas Investors Chamber of Commerce and Industry (OICCI) and Korangi Association of Trade and Industry (KATI) in Karachi and briefed their representatives on the measures the current government has undertaken to stabilize the economy and ensure optimum revenue collection.

The minister was accompanied by Chairman FBR Malik Amjed Zubair Tiwana and all chief commissioners-IR and Chief Collectors Customs heading their respective field formations stationed in Karachi, the state news agency reported.

Representatives of OICCI and KATI acknowledged the efforts of FBR field formations in taxpayers’ facilitation and revenue mobilization, while also highlighting issues such as complicated tax compliance, over-regulation, the absence of documentation at the cottage industry level, narrow tax base, non-filers, transit trade, and IT glitches faced by exporters.

During the meeting, Chairman FBR discussed the issues raised by representatives of both bodies and assured them that their concerns would be addressed instantly. He also emphasized recent important initiatives taken by FBR such as designating 50% of RTOs workforce for Broadening of Tax Base, Track and Trace System, and crackdown on non-duty paid goods.

The minister and chairman FBR also visited LTO, Karachi, and held a meeting with the Chief Commissioner-IR, Chief Collectors Customs, and Commissioners-IR. During the meeting, the minister appreciated FBR field formations for exceeding the collection target during the first quarter of the current financial year and directed CCIRs to continue making endeavors to meet the budgetary target fixed for the year.