MULTAN, May 3: Federal Board of Revenue (FBR) Chairman Abdullah Yousaf has hinted that the UPS (Uninterruptible Power Supply) devices and generators might be exempted from customs and excise duty to meet the energy crisis in the country.

He was speaking at a meeting of the Multan Chamber of Commerce and Industry here on Saturday. He said that Pakistan could easily meet its budget deficit of $11 billion by increasing its agricultural production.

The FBR chief asserted that high oil prices touching $120 per barrel had shattered the economies of developing countries like Pakistan. It led to the increase in cost of production, energy, freight and transportation charges.

He said that Pakistan’s exports were decreasing and imports increasing causing the budget deficit. Pakistan consumed 3 million metric tons of rice and exported 2.5 million tons, which fetched $4 billion this year.

Pakistan would be able to export rice worth $8 billion next year if its production was doubled. In this way the country could meet its deficits, he said.

The FBR chief stressed the need for using modern technology and investing more in the agricultural sector. He said that the textile was a very important sector, which contributes 60 per cent to the national economy, besides providing jobs to 40 per cent of the industrial manpower.

He took a serious view of MCCI chief’s complaint of the improper behaviour of the income tax staff and said that no one would be allowed to act as a bureaucrat.

He said that the FBR had introduced filing of returns through electronic mail and the new system would process these automatically. It had received 40,000 tax returns through e-mail.—PPI