Daily Times

Federal Board of Revenue (FBR) Chairman Dr Muhammad Ashfaq said on Sunday that the sales tax (ST) rate would be rationalised in due course of time. He was talking to business community at the Lahore Chamber of Commerce and Industry (LCCI), where LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke. The FBR chairman said, “We all have to take the responsibility of cost of managing the country so that the next generations don’t have to suffer. At present, tax-to-GDP ratio is around 12 per cent, while the expenditures are around 20pc of the GDP. We have to pay taxes to bridge the gap of 8 per cent.” Dr. Ashfaq said that those taxpayers would not face any problem who have made their system flawless. He said that duties have been imposed on the import of plants and machinery, as being done throughout the world.