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FBR will not revise revenue collection targets for FY2017-18: Dr Iqbal

FBR will not revise revenue collection targets for FY2017-18: Dr Iqbal

ISLAMABAD: Member Inland Revenue Policy and spokesman Federal Board of Revenue Dr. Muhammad Iqbal, has made it clear that and Dubai Iqama’s will not affect the agreement between Pakistan and Switzerland on exchange of information.

In an interview with Customs Today, Dr Iqbal said that Swiss government will 100 percent comply with agreement. Dubai and Saudi Iqamas will not save those Pakistanis who have operated bank accounts in Switzerland, he added.

He said that there is no reality in the stories that if any Pakistani has the Iqama of Dubai or UAE than Switzerland will not reveal the account details.

He said that the FBR will not revise the tax revenue collection targets for the current financial year (2017-18). However, the FBR will do maximum efforts and mobilize all resources to meet the targets.

Further investigations on Panama Leaks are underway. Those Pakistanis whose names are in the list FBR has sent their names and addresses to the concerned Regional Tax Offices, they are working on it, with the cooperation of Directorate General Intelligence and Investigation Inland Revenue FBR.

There is not any kind of amnesty scheme which is under consideration. He said under the dynamic leadership and supervision of Chairman FBR Tariq Mehmood Pasha, Federal Board of Revenue has successfully achieved the tax revenue target of the first month (July) of current financial year 2017-18.

We already assigned the revenue collection target of Rs200 billion and FBR have collected Rs204 billion and I hoped that we can also achieve the annual revenue target.

More than 12,50,000 peoples filed the tax returns, hence, in 2013 numbers of tax returns was 7,50,000. There are laws for tax evasion and this year we will tight the rope around tax evaders because its nation money.

If we want to see Pakistan strong secure and developed country, than we will have to promote the tax culture. Every patriotic Pakistani must pay their due share in taxes. He further said we are closely watching working of IRIS software, if people would face any problem during the return filing, FBR will resolve the issue.

FBR also focusing on money laundering issues and we have issued strict instructions to all field formations and they are very actively pursuing every information in this regard.

He said FBR successfully moving forward on pilot project on Automatic Exchange of Information, after the completion of this project FBR will exchange information with 104 other countries including USA and England regarding the tax matters and the bank accounts of Pakistani citizens.