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SBP promises to resolve businesses, traders’ issues

Governor State Bank of Pakistan Jameel Ahmad called on Asim Ahmad, Chairman FBR in FBR HQs to exchange views on various issues.

They discussed the stuck-up consignments and opening of LCs in the context of SBP’s recent circulars to the banks. The governor assured the Chairman that SBP will try to resolve the issues faced by businesses and trade due to the changed regulatory framework of Foreign Exchange. Chairman FBR reiterated the full cooperation of FBR including the exchange of information with SBP. He also informed the Governor about the implementation of the newly issued foreign currency limitation for passengers travelling abroad. Both agreed on close coordination between SBP and FBR for effective implementation of policies along with an improved regulatory environment for economic development.

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A meeting was held between Chairman FBR, Asim Ahmad and Country Director World Bank, Mr. Najy Benhassine, Pakistan, to review the progress of the Pakistan Raises Revenue Program on 10th November 2022 at FBR HQ. FBR is implementing Pakistan Raises Revenue Program (PRRP) with financial assistance from the World Bank. The program is expected to contribute to a sustainable increase in domestic revenue by broadening the tax base and facilitating compliance. The World Bank has recently concluded the Mid-Term Review of the program from October to November 2022. Based on initial findings the World Bank has expressed overall satisfaction with the progress of the Project due to major reforms in simplifying the tax regime, automating tax administration, expanding the tax net, harmonizing GST etc.

The Chairman FBR praised the efforts of the teams on both sides and added that the program is going to further strengthen Information Communication Technology (ICT) based tax administration through upgrading and enhancing IT-based capacities of FBR. The FBR and World Bank agreed to keep pursuing the reforms agenda under the project with renewed vigour and focus to ensure that all the desired results are achieved.



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