FOREX UPDATE

LAHORE: Chairman Federal Board of Revenue (FBR0 Suhail Ahmed has said that General Sales Tax (GST) will be converted into Value Added Tax (VAT) by July 1, 2010 with a view to bring more sectors in the tax net. He said this while talking to reporters on the occasion of his visit to Directorate of Income Tax in Lahore on Monday. Chairman FBR said the implementation of VAT will result in the additional revenue of Rs400 billion. He said the tax collection target for the current financial year is Rs380 billion and expressed confidence that it will be achieved despite economic crisis being faced by the country.