Islamabad, Pakistan: The Federal Board of Revenue (FBR) has ruled out the introduction of a mini-budget, expressing confidence in its ability to meet the revenue target of Rs12.97 trillion for the fiscal year.
FBR Member Policy Hamid Ateeq Sarwar acknowledged the challenges in achieving this target, including difficulties in conducting audits and recruiting new staff. He noted that 2.5 million of the 6 million registered taxpayers are currently not contributing any tax. Geo Tv
To address these challenges, the FBR plans to:
Hire 4,000 auditors: This will bolster the FBR’s audit capacity and improve tax compliance.
Integrate 2 million traders: The FBR will bring an additional 2 million traders into the tax net to increase revenue generation.
Focus on wholesale markets: The FBR will prioritize bringing wholesale markets into the tax system.
The FBR remains committed to achieving its revenue target and is taking proactive steps to overcome the challenges it faces.
