The Federal Board of Revenue (FBR) has exceeded its collection target by Rs 247 billion from July to March of the current fiscal year 2021-22, marking an increase of 29.1% over the collection of Rs 3,394 billion during the same period last year. This accomplishment is noteworthy, especially considering that the FBR has been offering tax reliefs and amnesty schemes to provide some relief to taxpayers.
The FBR has made significant progress in digitalizing its processes to improve transparency and enhance the ease of documentation for taxpayers. The introduction of online portals, such as IRIS and WeBOC, has made it easier for taxpayers to file their returns and carry out other tax-related activities from the comfort of their homes or offices. This digitalization process has been instrumental in facilitating the collection of taxes and improving overall revenue generation.
Another crucial factor that has contributed to the FBR’s success in exceeding its collection targets is the expeditious processing of refund applications. The FBR has been focusing on streamlining its refund process to ensure that taxpayers receive their refunds in a timely and efficient manner. This has not only helped build trust between taxpayers and the FBR but has also played a vital role in boosting revenue generation.
Moving forward, the FBR is determined to continue its efforts to improve its digital infrastructure, which will further enhance transparency and ease of doing business for taxpayers. The FBR is also planning to introduce new initiatives to broaden the tax net and encourage more people to pay their taxes. This includes the expansion of the withholding tax regime, which will help bring more people into the tax net.
In conclusion, the FBR’s success in surpassing its collection targets is a significant achievement and a testament to the government’s commitment to improving revenue generation. The introduction of digitalization has been instrumental in improving transparency, efficiency, and ease of doing business for taxpayers. As we move forward, it is essential to continue these efforts to ensure that taxpayers can easily fulfill their tax obligations, and the government can generate the necessary revenue to support the country’s development.