Islamabad, The Special Investment Facilitation Council (SIFC) has completed the development of a comprehensive plan aimed at digitizing and restructuring the Federal Board of Revenue (FBR), pending approval by the forthcoming federal government. This initiative is set to overhaul the country’s tax administration system, enhancing the efficiency and effectiveness of tax collection processes.

According to Ministry of Information and Broadcasting, the plan includes the establishment of a specialized Customs Board to specifically address the challenges associated with Pakistan Customs, including the tracking and curbing of smuggling activities. Responsibility for revenue collection will be centralized within the Revenue Division of the FBR, marking a significant step towards streamlined operations.

The restructuring efforts are designed to eliminate existing barriers to efficient tax collection, thereby ensuring a more robust internal governance framework within the FBR. The adoption of modern digital technologies is a cornerstone of the plan, expected to significantly expand the tax base and improve adherence to tax policies.

One of the most ambitious targets of the restructuring initiative is to increase tax revenue collection to 18 percent of GDP by the year 2029, up from the current level of 8.5 percent. This growth is crucial for Pakistan’s economic stability and development, highlighting the government’s commitment to improving fiscal management and governance.