PR No.159 Islamabad: April 19, 2016

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting here today, to review the progress with regard to revenue side of Budget 2016-17.

Chairman FBR, Nisar Mohammad Khan apprised the meeting that FBR has initiated extensive consultations with the representatives of various sectors of economy, with a view to develop proposals for Finance Bill 2016-17, which help the growth objectives of the industry and the government and at the same time maintain a healthy growth in government revenues. So far FBR has completed consultation with 24 organizations including FPCCI, SECP, Auto industry, marble industry, and discussed their proposals for the upcoming budget. The outcome of the consultative process will be submitted to the Finance Minister in the form of recommendations for budget 2016-17. The Chairman stated that FBR would continue to follow the basic principal of “Differential Taxation” for filers and non-filers. He also briefed the meeting on the progress with regard to rolling back of the remaining SROs.

Finance Minister appreciated the efforts of the FBR for undertaking wide ranging consultations and directed that other stakeholders may also be consulted before finalizing the recommendations for budget. He said that the revenue collection during the nine months of the current fiscal year was very encouraging and the positive momentum should continue into the next financial year, so that the tax to GDP ratio can be increased to the required level.

SA to PM on Revenue Mr. Haroon Akhtar and as well as senior officers of FBR and Finance Division participated in the meeting.