Failure to Achieve Tax Targets Reflects FBR’s Incompetence: FPCCI

President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Sheikh has said that the failure to achieve the tax targets is a reflection of the FBR’s incompetence, even after imposing a tax burden of Rs. 1,800 billion on the people, the FBR could not achieve the target. Preparations are now being made to further increase the tax rate to achieve the IMF program, which is not a correct move in any case. Federation President Atif Ikram Sheikh said that the FBR faced a tax shortfall of Rs. 98 billion in two months, which means that there was no benefit in imposing additional taxes on the part of the government. The burden of taxes on the salaried class and the export sector has also been affected. Instead of increasing the tax rate in Pakistan, it is necessary to broaden the tax base. Chairman Capital Office Karim Aziz Malik said that the inflation has come down to twelve percent, the interest rate of 19.5 percent is too high, it should be reduced to 15 percent. People will continue to get huge profits by keeping their capital in banks. So the money will not be able to come to the market. Chairman Coordination Malik Sohail Hussain said that the energy prices in Pakistan are the highest among the countries in the region. Heavy electricity bills are worrying and all kinds of businesses are getting affected.