FBR, SECP sign information sharing MoU

ISLAMABAD: Federal Board of Revenue (FBR) and Securities and Exchange Commission of Pakistan (SECP) Thursday signed a Memorandum of Understanding (MoU) for Information Sharing Cooperation to benefit both the organizations.

The MoU was signed by Chairman FBR, Mumtaz Haider Razvi and Chairman SECP, Muhammad Ali while senior officers of both the organizations were also present on the occasion.

The cooperation is expected to help improve documentation of economy besides broadening of tax base which would be useful of FBR to enhance its revenue collection.

The SECP has already signed similar MoU with State Bank of Pakistan last year to share information and data among the two organizations.

According to the MoU, the information sharing would be need-based and information and data would be provided on the request by both the organizations to each other.

Talking to media on the occasion, FBR Chairman expressed the hope that the board would achieve the Rs.1952 billion revenue collection target adding that the board has collected Rs.1122 billion till February 2012.

Chairman SECP, Muhammad Ali said that the commission would finalize budget proposals next week.

He said that the commission has received proposals from stakeholders which would be evaluated and finalized next week and thereby send to FBR for incorporation in the budget.

Speaking on the occasion Member Inland Revenue, Shahid Hussain Assad said the FBR would enhance tax base by bringing into tax net more people adding the board has issued notices to people on information basis urging them to file returns.

To a question on agriculture tax, he said that the FBR has provided information regarding agriculture tax to provinces and it is in their domain to collect these particular taxes.

Copyright APP (Associated Press of Pakistan), 2012