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ISLAMABAD: Caretaker Federal Minister for Finance and Revenue Shamshad Akhtar directed the Federal Board of Revenue (FBR) to come up with a detailed strategy to identify potential areas to broaden the narrowed tax base.
The federal minister visited the FBR Headquarters and held a meeting with Chairman FBR Malik Amjad Zubair Tiwana to review the revenue collection performance. Secretary Finance Imdadullah Bosal and senior officers from FBR and the finance ministry also attended the meeting.
The finance minister emphasized devising strategies to further enhance the tax-to-GDP ratio and broaden the tax base to maximize revenue collection.
She also called for finding innovative ways to tax the untaxed sectors. The minister stressed on making all-out efforts to achieve the ongoing year’s revenue collection target.
The minister was of the view that the caretaker government had a limited timeframe, so it would have to undertake much-needed reforms at the earliest.
During the meeting, Chairman FBR gave a detailed presentation to the minister about the revenue collection performance of FBR including the assigned targets for the current financial year 2023-24 and the strategy to achieve them.
He informed that FBR has collected Rs7169 billion against a target of Rs7200 billion in the previous financial year. The chairman further apprised that all efforts will be made to meet this year’s collection target of Rs9415 billion.
Chairman FBR also informed the minister about the procedural improvements being made to simplify the process of paying taxes in order to facilitate the taxpayers.
He also gave an update on important initiatives of FBR including the Broadening of Tax Base, Track and Trace System, and Point of Sale System (PoS) whereby efforts are afoot to further enhance revenue generation.
