Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has said that the government has to fix the system of the Federal Board of Revenue (FBR) to increase the tax revenue.
Sheikh said that new taxes of Rs. 1,700 billion slapped in the budget will bring a storm of inflation adding that the burden of government expenditure is being put on the public and the business class by increasing the tax rate.
He said it is possible to reduce the government expenditure by reducing the interest rate by 550 basis points, otherwise, the relief people got from the recent reduction in inflation will wither away.
He said that in the current budget, the taxpayers have been burdened with billions of rupees of taxes. He added that after budget electricity and gas have become more expensive and businesses will be affected. Relief should be given to the public and businessmen, he said.