Government to Amend FBR from Arresting Tax Evaders
Islamabad: Budget Minister Shaukat Tarin has agreed to change the clauses in the finance bill pertaining to the arrest of tax evaders.
During his presentation to the Senate Standing Committee on Finance and Revenue on budget plans, the Finance Minister stated that the finance bill and arrest clause will be altered.
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The finance minister has requested that the Senate committee prepare adjustments, and he has also requested that the law minister revise the measure accordingly.
The minister of finance stated that the IMF had set extremely stringent terms on this loan arrangement. On the advice of lending institutions, the government hiked the policy rate to 13.25 percent, which boosted loan interest rates from Rs 1,300 billion to Rs 2,900 billion and devalued the rupee.
In accordance with IMF directives, he added, the government boosted energy and gas costs, which not only pushed up inflation but also impacted the industry.
In the meantime, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) stated that granting the FBR the authority to conduct raids on the offices of traders will transform the tax collection agency into a mini-NAB.
Haji Qurban stated that there were significant disagreements and a lack of confidence between the business community and institutions such as FBR.
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