FBR Shares Tax Reforms Strategies with IMF

The Federal Board of Revenue (FBR) officially conveyed its proposed tax policy reforms to the International Monetary Fund (IMF) with the goal of registering one million individuals who have not filed income tax returns, as reported on November 28.

Read: NADRA, FBR Collaborate To Bring Non-Filers Into The Tax System

Details indicate that the FBR and the technical team from the IMF held meetings on Monday to initiate discussions about crucial reforms and measures aimed at expanding the tax base. The tax authorities briefed the IMF on the suggested tax reform measures, emphasizing the separation of tax policy from the FBR and other initiatives intended to broaden the tax net.

FBR Chairman Amjad Zubair Tiwana led the team in informing the IMF about the strategy to achieve the annual revenue collection target of PKR 9.4 trillion for 2023-24. The FBR assured the IMF of the tax machinery’s commitment to meeting the assigned collection target. According to their claims, the department has identified potential new taxpayers using available data, such as mobile phones and CNICs, and plans to approach registered associations, including tax bar associations, to register non-filers.

Read: FBR To Open 145 Offices Nationwide For Tax Collection Boost

Furthermore, the FBR aims to double the number of tax return filers by the end of June 2024, currently standing at 3.2 million. The task force anticipates unveiling both immediate and enduring plans, integrating advanced technology to bolster tax revenue. During discussions, tax officials emphasized enforcement tactics aimed at specific sectors like real estate and retailers to amplify revenue.

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