| Islamabad: The Federal Board of Revenue (FBR) formally communicated to the International Monetary Fund (IMF) its proposed tax policy reforms to register one million non-filers of income tax returns, according to a news article on November 28.
Read: NADRA, FBR join hands to bring non-filers under tax net
According to the details, the FBR and the IMF’s technical team convened meetings on Monday, initiating discussions on vital reforms and measures to expand the tax base. The tax authorities briefed the IMF on proposed tax reform measures, highlighting the separation of tax policy from the FBR and other initiatives aimed at broadening the tax net.
FBR Chairman Amjad Zubair Tiwana led the team in briefing the IMF on the strategy to achieve the annual revenue collection target of PKR 9.4 trillion for 2023-24. The FBR assured the IMF that the tax machinery is committed to meeting the assigned collection target. The department, as per the claims, has identified potential new taxpayers using available data, such as mobile phones and CNICs, and plans to approach registered associations, including tax bar associations, for the registration of non-filers.
Read: Financial institutions must settle 40% windfall tax soon, says FBR
Moreover, the FBR aims to double the number of tax return filers by the end of June 2024, presently standing at 3.2 million. The task force is expected to present short- and long-term strategies, incorporating modern technology to enhance tax revenue. In discussions, the tax authorities have highlighted enforcement measures targeting potential areas, including the real estate sector and retailers, to boost revenue. |
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