Stocks Observer. com

KARACHI: Chairman Federal Board of Revenue (FBR) Ahmed Waqar has said that a fund worth Rs75 billion is being set up to bail out Pakistan State Oil (PSO) from the financial crunch. He was speaking to members of Korangi Association of Trade and Industry (KATI) at a luncheon meeting on Saturday at KATI office. Chairman FBR said that the fund would be constituted by the end of this month, which would help PSO pay its debts and further make payments to refineries. Waqar said that efforts are being made to bring wholesale, retail and service sectors into tax net, adding the FBR would be able to collect revenue of Rs1,300 to Rs1,360 billion by the end of this fiscal year. He said that those who are in the tax net and paying their taxes should not be worried about any of the FBR initiatives. He said the FBR is considering paying surcharge along with sales tax refund if it fails to pay the refund on time. He announced to establish an FBR help desk on the premises of KATI to help its members. H