• +92 (0) 300 410 1254
  • business@naqeebz.com
GEEPS 2018 Report

3 Priorities of newly appointed Chairman FBR Shabbar Zaidi

Mr. Shabbar Zaidi, Chairman FBR, discussed the holistic picture of Pakistan’s economy. This is his first ever interview after holding the office. Mr. Zaidi emphasized on the trust deficit which has increased over the years, between government and masses. This deficit needs to be minimized. FBR is determined to provision privileges to tax payers as responsible citizens of Pakistan. The foremost priority of Mr. Zaidi is to expand the legal process and application of tax system. Government will try to reinstate the trust of local investors and businessmen.  Similarly, efforts would be made to build the harmony among tax payers and tax collectors. Mr. Zaidi believes that translating vision into plan and eventually into action is a tremendous task; the government has to work on it. It is really pertinent for a country to track the record of its economic features. To record the economic transition of country, it is important to record and document every transaction. Government is taking this aforementioned point in its consideration.

Unfortunately in Pakistan, since 1970, industrial asset hasn’t been created which has created a restraint for investment environment and opportunities. Therefore, transparent business opportunities have become harder. The good thing about current government is; it doesn’t have his shares in the past legacy of ruling. Now the model we need to follow, should base upon industrial-economy not trade-economy. Because decision making in capitalism is not on the basis of patriotism, but it is made by rational approach.

Commission agents are responsible for current inflation in the country, Mr. Zaidi opinionated. We should promptly take some steps to strengthen the local industry.  This surge could be controlled by harnessing the hoarding and illegal profit minting in the country. The appropriate control on illegal profit process of supply chain can bring down the prices of local products. Our industry has shuttled down due to the trade economy; which has gravely bruised the economic condition. Local restaurants deduct sales tax from the public but they don’t pay this text to the government. When the business transaction of every individual would be recorded, it would become more convenient for FBR to held accountable; both individuals and business owners.  All these institutions would also be held accountable who are the culprit of government and public. As recording keep the record of every action of each individual, so the people become mindful that there each deed is recorder and they would be liable to justify it on the Day of Judgment. Similarly, the record of transaction would lead to a more transparent accountability.

Mr. Zaidi summarized his discussion, by sharing the following three objectives and visions of FBR:

  • Efforts should be made to bridge the trust deficit between government and tax payers
  • Processes would be revised to raise the enrollment of tax payers
  • Each business transaction would be recorded for the more transparent system of accountability and taxation

Write a comment