Islamabad: Prime Minister Shehbaz Sharif has called for a significant overhaul of the Federal Board of Revenue’s (FBR) approach to increasing tax revenue to help alleviate the country’s debt burden. During a recent visit to the FBR headquarters, the Prime Minister issued directives aimed at expanding the tax net and incorporating sectors currently evading taxation.
According to Ministry of Information and Broadcasting, Sharif emphasized the importance of digitization within the FBR, pledging full support for the integration of advanced technologies. He commended the FBR for a 30% rise in tax collections over the previous fiscal year and underscored the critical need to meet a tax collection goal of thirteen trillion rupees for the current year.
In his address, the Prime Minister highlighted the significance of creating a trader-friendly environment, stating that investors and traders should be facilitated rather than harassed, ensuring taxes are levied where due. Furthermore, Sharif applauded his finance team for securing a preliminary agreement with the International Monetary Fund (IMF), expressing hope for its final approval and envisioning it as the last such necessity for Pakistan.
In efforts to modernize and enhance efficiency, Sharif ordered the immediate allocation of two billion rupees for the development of the Web-based One Customs System (WeBOC). Additionally, he directed the FBR to quickly bring 4.9 million identified taxable individuals under the tax umbrella using new technologies.
The Prime Minister’s strategic focus on structural reforms aims to improve macroeconomic indicators and foster sustainable development across the nation. With the implementation of a mobile application for traders, the FBR seeks to simplify the entire tax process from registration to submission, emphasizing ease and accessibility.