Home Economics & Business No plans to slash tax exemptions on food, medicines: FBR

No plans to slash tax exemptions on food, medicines: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) while clarifying a news item appearing in a section of the press attributing a statement to Chairman FBR in the context of tax exemptions has stated that what he had mentioned six days earlier has been quoted totally out of context.

In an official statement, FBR has clarified that the news item is essentially based on an earlier news report published in a section of the press on 26th December, 2008 on the issue in which the Chairman FBR has been quoted as having said, “Exemptions as policy are not good for the economy. Wherever exemptions are in vogue, the economy does not show healthy trends in progress, administration and policy-enforcement.”

The Chairman’s statement even though quoted not accurately anywhere implies that the Government intends to remove tax exemptions on food items and medicines. Similarly, the fact that “as food and medicines” has been bracketed in the latest news report clearly shows reporter’s own inference and interpretation which cannot be attributed to the FBR Chairman.-SANA

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