Caretaker Finance Minister Dr. Shamshad Akhtar and FBR Chairman Malik Amjed Zubair Tiwana Engage with Business Leaders in Karachi for Tax Reforms

Caretaker Federal Minister for Finance Dr. Shamshad Akhtar and FBR Chairman Malik Amjed Zubair Tiwana recently met with representatives from the Overseas Investors Chamber of Commerce & Industry (OICCI) and the Korangi Association of Trade & Industry (KATI) in Karachi. They were joined by all chief commissioners-IR and Chief Collectors Customs based in Karachi.

During the meeting, the OICCI and KATI representatives acknowledged the efforts of FBR field formations in supporting taxpayers and increasing revenue. However, they also raised concerns about issues such as complex tax compliance, excessive regulations, lack of documentation in cottage industries, a small tax base, non-filers, challenges in transit trade, and IT glitches affecting exporters.

Minister Shamshad Akhtar explained the government’s measures to stabilize the economy and enhance revenue collection. FBR Chairman Malik Amjed Zubair Tiwana assured the representatives that their concerns would be promptly addressed. He highlighted recent FBR initiatives, including allocating 50% of the RTOs workforce to broaden the tax base, implementing a Track and Trace System, and cracking down on non-duty paid goods.

Additionally, the minister and FBR chairman visited the Large Taxpayers Office (LTO) in Karachi and met with Chief Commissioner-IR, Chief Collectors Customs, and Commissioners-IR. The minister praised the FBR field formations for exceeding collection targets in the first quarter of the current financial year and encouraged them to continue their efforts to meet the budgetary targets for the year. These developments highlight ongoing efforts to improve tax compliance and revenue generation in Pakistan.

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