FBR Notifies the IMF with a Plan to Register 1M non-filers

FBR Notifies the IMF with a Plan to Register 1M non-filers

The FBR (Federal Board of Revenue) has informed the IMF (International Monetary Fund) about the new tax policy. This includes a comprehensive strategy to register one million non-filers income tax returns using the Board’s central database and third-party data. The first meeting, which took place at the Ministry of Finance, was attended by the IMF technical team, FBR Chairman, FBR Customs and Internal Revenue (Reforms) members, and FBR Headquarters FBR Operations members.

Read More: FBR Establishes 145 District Tax Offices In Pakistan To Expand Tax Base

During the meeting, the tax authorities were briefed on the tax reform measures. Separating tax policy from FBR and implementing additional reform initiatives are part of the new strategy to increase the tax net.

The tax department has implemented a new data system that has enabled it to identify new taxpayers using mobile phones and CNICs. The Department is currently in the process of enrolling non-filers who are members of the bar along with registered associations, including the Tax Bar Association.

The FBR aims to double the number of tax returnees, currently at 3.2 million, by the end of June 2024. According to the news, the IMF technical team is expected to hold a meeting with the Tax and FBR Reform Task Force.

The task force plans to present ideas for increasing tax revenue and proposals to address loopholes in the tax system. Additionally, the task force will offer suggestions for both short- and long-term uses of contemporary technology to increase tax revenues.

Read More: FBR: Non-Filers Face SIM Blockage, Electricity, Gas Disconnection

At the meeting on this day, the tax authorities informed the IMF technical team of implementation plans to increase tax revenues in related sectors such as the real estate sector and retailers. The FBR team, headed by FBR Chairman Amjad Zubair Tiwana, briefed the IMF team about the new strategy that aimed to reach the target of Rs. 9.4 trillion in revenue annually by 2023–2024.

The FBR also informed the IMF that the tax system would be capable of collecting a specified amount of Rs 9.4 trillion in taxes by 2023–2024. Additionally, the FBR also unveiled its proposal to use domestic taxes, particularly direct taxes. This will cover the shortfall expected due to lower imports in the coming months.

Stay connected to Red Marketing & Real Estate for more updates.

admin

Related posts

CDB Projects Bringing Economic Growth to Punjab: P&D Chairman

The Chairman of Punjab's Planning & Development Board (P&D), Iftikhar Ali Sahoo, recently...

Continue reading
by admin

Punjab PDWP has Approved Six Development Schemes

According to the latest update, the Punjab PDWP has approved six development schemes and projects...

Continue reading
by admin

FBR Establishes 145 District Tax Offices in Pakistan to Expand Tax Base

According to the latest update, the Federal Board of Revenue (FBR) is planning to establish 145...

Continue reading
by admin

Join The Discussion