To improve the performance of the Federal Board of Revenue (FBR), Dr. Murtaza Mughal suggested an automated tax refund system. And the central bank must intervene to minimize complaints and corruption.
Dr. Murtaza Mughal – Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Central Standing Committee on Insurance Convener – recently condemned the tax mechanism of Pakistan.
Unrealistic tax targets had compelled the FBR to strangulate business activities through highhandedness to show performanceDr. Murtaza Mughal
Where the government is trying to ease the businessmen, the Federal Board of Revenue is sending new statutory orders which are not quite friendly for the businessmen.
He cleared this statement by quoting the recent SRO 889 for industrialists. The new regulation was highly condemned by the society.
He also notified the regulation where real estate agents have to notify every little detail of their transaction. There is a similar SRO where anyone withdrawing an amount of PKR 1 million or more and depositing PKR 10 million or more are under surveillance through banks.
He also added:
These SROs will damage the realty sector, discourage investment, and may reverse the gains made through the construction package, amnesty scheme, and other incentives offered by the government to spur growthDr. Murtaza Mughal
Dr. Murtaza Mughal is of the view that the regulations for the real estate sector are not very much in favor. And this is one of the reasons why investors tend to invest in foreign countries rather than in Pakistan.