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The federal government of Pakistan has created a new strategy to tackle the tax deficit without introducing any mini-budget, as cited by FBR sources to the media.
According to ARY News, with reference to sources, Chairman FBR Rashid Langrial has developed an alternative strategy to address the tax shortfall and overcome the problem, as Prime Minister Shehbaz Sharif is against taxing the salaried class more.
FBR Chief Rashid Langrial is likely to hold key negotiations scheduled for today to discuss measures to boost tax revenues. The talks will cover FBR’s Transformation Plan, Track and Trace system, and Retailers’ Scheme. Under the Transformation Plan, FBR aims to modernize its framework to align with international standards.
According to sources, the Retailers’ Scheme will allow data sharing of registered traders with the IMF. However, sources from the private TV channel state that from July to October, FBR was expected to collect Rs. 17 billion in taxes from traders but fell short of the target, as anticipated by experts earlier.
FBR says that the Track and Trace system is set for installation review across five sectors, with an evaluation to extend this system to the tile sector as well. Proposed changes include raising the FBR fee on POS receipts by Rs1.
Furthermore, discussions with the IMF will consider special audits for retailers who do not implement POS systems. FBR will brief the mission on its enforcement plan to bridge the revenue shortfall. The FBR delegation is already in Pakistan to review the country’s economic performance and hold talks with relevant ministries.
