The business community on Wednesday declared Federal Board of Revenue (FBR) reconstruction and digitization plan as extremely important for the development and sustainability of the country’s economy.
The federal cabinet approved FBR’s reconstruction and digitization plan which was an important step of the current interim government and was welcomed by the business community, Chairman Federation Pakistan Chamber of Commerce and Industry (FPCCI), Karim Aziz Malik told APP here.
He said through these tax reforms the capacity of the institution in tax collection would increase and it would prove to be a milestone for the country’s economic development.
The chairman said that the tax to GDP ratio in Pakistan was low compared to the rest of the countries, which should be in double digits, but the institution lacked this process in the past.
Karim Aziz said that currently there were more than two million tax filers in the country, but they should also have the data of taxpayers.
He said that tax collection data was very important and automation in FBR was significant for economic progress in the country.
Digitization and automation would promote transparency in the institution and the initiative would also promote modern technology in the institution, he added.
Aziz said that revenue collection was the backbone of the economy of Pakistan.
He said that the government should work in these reforms to give relief to the traders.
Meanwhile talking to APP, President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Bakhtawari said that tax reforms and reconstruction and digitization of FBR were an important steps of the government.
He said that the need to broaden the tax base in the country and the tax policy reforms were extremely important.
The president said the country’s economy depended on tax collection and businessmen were always ready to pay taxes.
He said that the business community was currently onboard with the government and at this time the community considered the government’s steps in tax reform as positive.
Secretary General of Pakistan Association of Large Steel Producers, Syed Wajid Bukhari told APP, that it was very important for reformers to separate policy wing in FBR, which would also have a good effect on tax collection.
He said that structural reforms would increase institutional efficiency in FBR and businessmen would also benefit from it.
Bukhari said that the steel sector welcomed this initiative of the government and with this the sector would be in a position to play its better role in the national economy.—APP
