Lahore Chamber Lauds FBRs Revenue Success

Lahore Chamber of Commerce & Industry (LCCI) has commended the Federal Board of Revenue (FBR) for surpassing revenue target for the fourth consecutive month, achieving a collection of Rs 2.75 trillion from July to October 2023

LAHORE, (UrduPoint / Pakistan Point News – 1st Nov, 2023) Lahore Chamber of Commerce & Industry (LCCI) has commended the Federal board of Revenue (FBR) for surpassing revenue target for the fourth consecutive month, achieving a collection of Rs 2.75 trillion from July to October 2023.

Talking to media here Wednesday, the LCCI President Kashif Anwar said the FBR has collected Rs 68 billion more in taxes between July and October than it had planned.

Kashif Anwar also welcomed the decision of not to increase interest rates, but he emphasized the need for reduced interest rates, suggesting that ideally, the interest rate should be in single digit to facilitate industrial growth as the lower interest rates typically have a multifaceted impact on economy like cost of borrowing, investment incentives, Consumer Spending, exchange rates, lower interest rates and reducing debt servicing burden.

He calls for parity in exchange rates to curb illegal money transfer methods, saying stable petroleum product prices reflect economic recovery.

Furthermore, President LCCI expressed his appreciation for the reduction in edible oil prices by Rs 60 per liter and noted that the strengthening of the rupee has started to positively impact other commodities as well.

He emphasized the importance of parity between interbank rates and open market rates, highlighting the potential benefits of such parity, including the elimination of illegal methods of money transfer, such as ‘hawala’ and ‘hundi‘.

Kashif Anwar voiced strong support from the business community for government policies. However, he called for a significant reduction in petroleum prices, citing that it would relieve financial burdens, reduce transportation costs, and the cost of doing business which will ultimately foster economic growth.

The LCCI President said that these developments in tax collection, interest rates, and the prices of essential commodities signal significant progress in Pakistan‘s economic landscape. As the FBR continues its efforts to bring non-filers into the tax net, it aims to boost revenue further. He also called for reduced interest rates and the emphasis on parity between different exchange rates are additional steps in enhancing economic stability and growth in the region.

The President LCCI said that it is the collective responsibility of all citizens to increase the tax base and file the tax returns, he said and added that those who have not filed their tax return must submit even if it is late.


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