ISLAMABAD:Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq Ahmed has said that tax reforms undertaken by the government are most significant in the history of the country.
Addressing a news conference here on Friday, he said government is taking steps to stop distortions in tax system. He said some of the facts of Supplementary Finance Bill have been misinterpreted by the media. He tax policy reforms were needed for a long time but unfortunately interest groups got some amendments in laws for their own benefits.
Dr Muhammad Ashfaq said that International Monetary Fund (IMF) has always been asking Pakistan to improve its tax system and increase revenue. He said in past new taxes were imposed and laws benefiting certain groups were never changed. He said 17 percent general sales tax has not been imposed on commodities that are used by a common man. He said government has withdrawn sales tax exemptions of Rs343 billion.
The FBR Chairman said Federal Excise Duty (FED) has been imposed on imported CBU (Completely Built Up) vehicles which are over 1000cc. He said FED on 1000 to 1800cc vehicles has been increased from five percent to ten percent and 25-30 percent on 1800 to 3000cc.