LAHORE: The Federal Board of Revenue (FBR) Union has sent some proposals to the Tax Reform Commission (TRC), in which it said that the Board can generate revenue equal to the total volume of federal budget i.e. Rs4,300 billion through imposition of wealth tax and implementation of agri tax.
FBR Union President Mian Abdul Qayyum, in the letter, said that though FBR could not ensure full recovery of billions of rupees worth income tax, sales tax and customs duty due to influential politicians and bureaucracy, it had already been contributing around 70pc of total budget. There would be no need to approach World Bank or IMF for monetary assistance, if these taxes were imposed, he added.
The Tax Reform Commission (TRC) was constituted after the approval of Federal Minister for Finance Ishaq Dar in September 2014 with the mandate to review direct and indirect taxes, customs tariff rationalisation, autonomy and administrative structure of the FBR.