In a significant move, the Federal Board of Revenue (FBR) is implementing a comprehensive strategy to bring more people into the tax net, as per sources reported on November 14.
As part of this giant plan, the FBR aims to target a million individuals in the starting stage by issuing notices to non-filers and implementing additional administrative measures. The goal is to extend the tax net further, including 1.5 million people, by 2024. The objective is to reach 6.5 million taxpayer by June 30, 2024.
The upcoming campaign against non-filers has a dual approach – first issuing notices and enforcing rigorous administrative and legal measures to ensure strict compliance with tax laws. Caretaker Prime Minister Anwar ul Haq Kakar has approved all these tax measures, highlighting a commitment to fortify the country’s tax base.
FBR officials mentioned the urgency of this initiative by highlighting that only 350,000 individuals filed tax returns in the current fiscal year. This reality emphasizes the need for the proposed measures to significantly increase the number of taxpayer. This whole strategy is crucial for the nation’s overall economic stability and growth.