- Web Desk
- 8 Hours ago
Pakistan unveils ambitious plan to add 1.5 million taxpayers
- Web Desk
- Nov 12, 2023
KARACHI: Federal Bureau of Revenue (FBR) has presented an ambitious plan to the International Monetary Fund (IMF), outlining the goal of bringing 1.5 million new taxpayers into the fold by the end of June 2024.
To broaden the tax base, 145 dedicated offices have been established in regional tax offices (RTOs) across the country. The FBR has systematically collected data on one million potential taxpayers, individuals engaged in substantial transactions and activities not currently on the tax roll, which has been shared with RTOs nationwide.
Multiple rounds of discussions have taken place between the technical team and tax officials from the FBR, focusing on tax performance in the first quarter. The IMF representatives have reportedly expressed satisfaction with the ongoing tax collection efforts.
The first evaluation of the short-term $3 billion loan agreement with the IMF commenced on November 2 and concluded on November 10. Most targets appeared on track, paving the way for the release of a $710 million tranche in December, and no fresh tax measures were demanded by the IMF.
In the current round of discussions, projections for revenue collection in the next eight months have also been shared with IMF officials, and the FBR has reassured that the projected revenue collection target of Rs 9.415 trillion for FY24 will be met without necessitating additional tax measures.
Dispelling rumors about the IMF demanding an increase in the revenue collection target or proposing additional taxes on traders and the real estate sector, an FBR official said that the IMF is solely concerned with overall revenue collection performance.