Daily Times

Rawalpindi Islamabad Tax Bar Association (RITBA) on Sunday welcomed the decision of the government to appoint experts to head the State Bank and Federal Board of Revenue.

The decision to appoint technically sound experts will have a very positive impact on the economy and it has also proved that Prime Minister Imran Khan will never tolerate those who failed to perform and improve conditions, it said.

We welcome the move and extend full cooperation to the new Governor of State Bank Raza Baqir and Chairman of FBR Ahmed Mujtaba Memon, said Syed Tauqeer Bukhari, President of RITBA.

He said that Raza Baqir is an experienced and internationally admired economist whose appointment will go down well with the international financial institutions and global debt market while it will also help Pakistan finalize the deal with IMF on better terms and conditions.

Tauqeer Bukhari said that FBR is facing a revenue shortfall of Rs3.5 trillion which can jump to Rs4.5 trillion by the end of this fiscal but the new chairman has the ability to improve the situation as he will have the cooperation of FBR staff, tax consultants and the business community.

He said that RITBA will not only cooperate with him but also give him positive and implementable recommendations to improve tax collection.

IMF is not satisfied with the upcoming amnesty scheme, therefore, controversy should be avoided and Alternative Dispute Resolution Committees (ADRC) should be activated.

These committees are empowered to settle issues between taxpayers and tax collectors and waive unnecessary fines and default surcharges which can help the government get trillions of rupees.

Mr. Bukhari informed that currently over Rs1200 billion of revenue is stuck at different forums which can be put to use at this critical juncture.