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‘FBR restrictions are discouraging traders, impacting economy’

October 3, 2019
‘FBR restrictions are discouraging traders, impacting economy’

The Federal Board of Revenue has imposed complex restrictions on people, which has discouraged them to trade, said Dr Salman Shah, the adviser to the Punjab chief minister on economic affairs.

“Our people are simple, so the system should be ordinary,” he said in an interview with SAMAA TV on Wednesday.

Shoppers will have to provide their CNIC copy for purchases exceeding Rs50,000 from according to a recent announcement by the FBR. The condition was introduced for business-to-business transactions to avoid fake transactions.

Shah said the restriction has disappointed people, especially businessmen who deal in transactions of millions. “A small thing is obstructing the transactions, which is making people frustrated,” he added.

“The FBR should prove that the restriction has increased the number of taxes,” he remarked. He said the CNIC condition will hurt the economy.

When asked why Punjab Bank has refused to give loans to Naya Pakistan Housing Project, the minister replied, “Punjab Bank is not mine, it is a commercial bank and we can’t force them.” We can’t order them as their board of members decides these things.

“The bank doesn’t have a lack of trust in the government, but on the system,” he added.

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One Comment

  1. Avatar
    Mohammed iqbal   October 4, 2019 5:15 am/ Reply

    THE economy is already suffering .I have ank account in Habib Bank Ltd adamjee nagar Branch karachi with my wife joint account any one can sign and with draw for last 30 years now they need biometric I visited karachi and did my biometric and my wife filled the form of oversea pakistanI and I submitted all documents and ministry twitter photocopy that oversea pakistani need proof that the are overseas, she got this letter nottry public in USA and her nicop card usa i.d. passport and exit stamp of pakistan on pakistani passport I have personally submitted these 2 months back to the manager of HBL still no responce I called several times no positive answer,will this improve the economy of pakistan. Will any one trust pakistani banks .will state Bank or any ministry take trouble to look in this matter

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FBR, CNIC, shoppers, tax, shoppers, restrictions, economy,
 
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