Chairman Federal Board of Revenue Mumtaz Haider Rizvi has said that FBR has taken cognizance of disparity in rates of sales tax and is moving towards introducing single digit sales tax. The Chairman FBR was addressing Post Budget Seminar organized by Southern Regional Committee (SRC) of Institute of Chartered Accountants of Pakistan (ICAP) at DHA Golf & Country Club, Karachi. Mumtaz Rizvi said that FBR is eying towards a mammoth revenue target fixed by the Government and is hopeful to achieve target of Rs. 1952 Billion fixed for the current fiscal year. However, he emphasized that with 7th NFC Award, major subjects have been transferred to the Provinces which are also getting significant funds as compared to the past. He stressed the need that Local Governments, Union Councils, etc. should assist the Federal Government in reaching out to the untaxed sectors of the economy like wholesalers, middlemen and retailers. The top tax manager of the country also appreciated ICAP’s efforts for organizing the seminar and discussing the tax measures proposed in Finance Bill 2012 and underscored the importance of holding identical brain storming sessions on economy and taxation. In his key-note address, Asad Umar, Former President, Engro Corporation Limited identified difficult access to capital, energy crisis & institutional decay as the major threats to the economy which Pakistan faces today. However, he was optimistic that strong consumer base, wealth of natural resources coupled with Pakistan’s geo-strategic location are our strengths which should be capitalized by the Government so that trickledown effect of the economic progress may be enjoyed by the masses.
