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Business & Finance

Pakistan, KSA agree to cooperate in the field of Tax & Customs

  • It was agreed at the meeting that the two countries would take steps to promote cooperation on bilateral relations related to customs and taxes and the relevant institutions of the two countries would adopt each other's best practices.
Published February 27, 2021

Ambassador of Kingdom of Saudi Arabia to Pakistan Nawaf bin-Saeed Al-Maliki called on Chairman Federal Board of Revenue (FBR) Muhammad Javed Ghani at FBR Headquarters.

As per details, the meeting reviewed the cooperation between the two countries in the field of tax and customs.

It was agreed at the meeting that the two countries would take steps to promote cooperation on bilateral relations related to customs and taxes and the relevant institutions of the two countries would adopt each other's best practices.

The Chairman FBR briefed the Saudi Ambassador on the steps taken by the FBR to increase revenue and facilitate the taxpayers.

The Saudi Ambassador congratulated the FBR Chairman on the FBR's excessive revenue collection in the first seven months of the current financial year and expressed hope that the FBR would achieve the target set for the year.

It is pertinent to mention that FBR surpassed the assigned revenue collection target of Rs2,898 billion for July-February (2020-21) by provisionally collecting Rs2,900 billion during the period under review, reflecting an increase of Rs2 billion.

According to the provisional data released by the FBR here on Friday, the FBR has amassed the target of Rs2,898 billion set for first eight months of the current fiscal year. The revenue collection target has been surpassed two days before the closure of the month which is a big achievement of the tax machinery.

This is despite speedy payments of refunds under the 'FASTER' system to the exporters.

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