Islamabad: Federal Board Revenue (FBR) Chairman Shabbar Zaidi on Tuesday stated that the business community should initiate calls for reform and documentation instead of the government; as their doing so would help in ensuring the longevity of their businesses across several generations — a news source reported.
Zaidi made these remarks while speaking at the All Pakistan
Chambers Presidents’ Conclave 2020, which was also attended by President Dr
Arif Alvi, Planning and Development Minister Asad Umar and Adviser to the Prime
Minister on Institutional Reforms Dr Ishrat Hussain.
The FBR chairman stated that while the present government had taken several measures to curb the menace of undocumented flow of wealth, tax evaders still had avenues for hiding such funds. He also mentioned that documentation was mandatory for those with a working capital higher than PKR 1 billion. He added that family businesses usually closed down after one generation primarily because of a lack of documentation, and that it was also necessary for industrialisation.
Speaking on the demand for tax exemptions on local sales of
the export-oriented sector, chairman Zaidi said that it was not justifiable. He
also urged the traders to come up with a workable solution on how to collect
local taxes from the export-oriented sector in the next budget.
