The Federal Board of Revenue (FBR) Chairman Salman Sidiqqui has said the government cannot provide a bailout to the industrial sector as the regime is facing an unannounced economic emergency.
Chatting with newsmen the he said that the government was trying to curtail loans to control inflation. The current amount of loans stands at Rs140 billion, he added.
He said in the first phase, the Islamabad Electric Supply Company (IESCO) would be privatized, as the economic sector was facing a crisis and could not meet government expenditures.
He questioned how it could be possible to provide resources to the business community in these circumstances.
The FBR chairman pointed out that no one would come forward from abroad to provide a bailout package for the restoration of the economy.
"We should resolve our problems and every citizen should be brought into the tax net," he added.
The FBR chairman suggested that a ban had to be imposed on the government from borrowing from the State Bank. Policymaking is not the responsibility of the FBR but its function is its implementation.
He advised tax defaulters to contact the actual department for the solution of their problems. The FBR is working for the welfare of various departments. It is not difficult to overcome the issue of economic deficit through local resources, he underlined.
Salman said that the economic downfall started after the government borrowed loans from banks. He urged businessmen not to attach any expectations to the government as it was facing economic problems.
He suggested traders should set up representatives of the business community for the solution of their problems regarding tax.
"I assure you that all the refund claims will be made expeditiously as compared to the past and non official malpractices will be tolerated," he added.
Chatting with newsmen the he said that the government was trying to curtail loans to control inflation. The current amount of loans stands at Rs140 billion, he added.
He said in the first phase, the Islamabad Electric Supply Company (IESCO) would be privatized, as the economic sector was facing a crisis and could not meet government expenditures.
He questioned how it could be possible to provide resources to the business community in these circumstances.
The FBR chairman pointed out that no one would come forward from abroad to provide a bailout package for the restoration of the economy.
"We should resolve our problems and every citizen should be brought into the tax net," he added.
The FBR chairman suggested that a ban had to be imposed on the government from borrowing from the State Bank. Policymaking is not the responsibility of the FBR but its function is its implementation.
He advised tax defaulters to contact the actual department for the solution of their problems. The FBR is working for the welfare of various departments. It is not difficult to overcome the issue of economic deficit through local resources, he underlined.
Salman said that the economic downfall started after the government borrowed loans from banks. He urged businessmen not to attach any expectations to the government as it was facing economic problems.
He suggested traders should set up representatives of the business community for the solution of their problems regarding tax.
"I assure you that all the refund claims will be made expeditiously as compared to the past and non official malpractices will be tolerated," he added.
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