Islamabad, Pakistan: The Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has acknowledged the need for lower income tax and corporate tax rates to reduce the tax burden on businesses and individuals.
Langrial admitted that the current tax system is not equitable and that many taxpayers are not paying their fair share. He emphasized the importance of simplifying the tax system and broadening the tax base to increase revenue collection. Pro Pakistani
The FBR Chairman also addressed concerns raised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) regarding the impact of recent tax reforms on businesses. He acknowledged the challenges faced by exporters and the need for improvements in the Export Finance Scheme (EFS).
Langrial expressed optimism about the future of the economy and highlighted the importance of promoting a culture of tax compliance. He also called for reforms in the customs procedures to improve efficiency and reduce costs for businesses.
The FBR Chairman’s statements indicate a willingness to engage with the business community and address their concerns. However, it remains to be seen whether the government will take concrete steps to implement the necessary reforms.
