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Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, stated that the number of people working for the betterment of the economy within FBR is alarmingly low.
Speaking at the Federation of Pakistan Chambers of Commerce and Industry, Langrial noted that economic indicators have shown improvement after two to three years of challenging circumstances.
He attributed this progress to the cooperation of the business community and highlighted the decrease in inflation rate, leading to a reduction in policy rates. Langrial emphasized that the difference between inflation and policy rates should not exceed 3-4%.
He also mentioned that economic experts predict a 2% decrease in interest rates, which would greatly benefit the economy.
Additionally, Langrial pointed out that while some businesspeople and industrialists honestly pay taxes, many do not.
He stressed that the government’s revenue collection remains at 2008 levels, with taxes collected throughout the year being spent on debt repayments. This, he argued, is unsustainable.
Langrial also highlighted the need to reduce tax rates, citing that 90% of Pakistanis do not pay taxes, and corporate tax rates should not exceed 25%. He emphasized the importance of addressing these issues to stimulate economic growth .
