Tax collection: FBR claims uptick of 38.7% in FY23-24
- Web Desk
- Sep 06, 2023
ISLAMABAD: Acting Prime Minister Anwarul Haq Kakar chaired a meeting discussing the roles and responsibilities of the Federal Board of Revenue (FBR) and the Privatization Division, with a notable emphasis on expanding the tax net and enhancing the Point of Sales (POS) system earlier today.
According to the briefing given to him, FBR claims to be working on an ambitious plan to induct one million new taxpayers into the tax net with 182,000 new taxpayers already added to the system in this fiscal year so far.
FBR has also issued a strategic directive to bolster the reach of the POS system, aiming to bring an additional 20,000 retailers under its umbrella within the year, expanding its presence to more cities and actively prioritising retailers, according to the briefing.
The Prime Minister was also briefed on reports from July 2023 indicating the FBR surpassed its monthly target by collecting revenues of 538 billion rupees against an anticipated 534 billion. August followed a similar pattern with 669 billion rupees, outpacing the set goal of 648 billion.
The fiscal year 2023-24 also witnessed a considerable upswing in domestic tax collection, marking an increase of 38.7 per cent when compared to the prior fiscal year.
Efforts are underway to foster digital initiatives aimed at boosting the tax-to-GDP ratio. A primary strategy involves integrating FBR’s comprehensive database with other governmental departments.
Simultaneously, the Integrated Transit Trade Management System is seeing development, and the Customs sector is undergoing a digital transformation. Efforts are being channelled into connecting the Pakistan Single Window with a broader spectrum of government departments.