Hello there, fellow readers. In the realm of Pakistan's financial landscape, the Federal Board of Revenue (FBR) is charting an exciting course for the current financial year. They're not just aiming to expand the taxpayer base but also make the Commission's point of sale (POS) system more attractive to retailers. In the previous fiscal year, the FBR welcomed 182,000 new taxpayers into the fold, setting the stage for even bigger ambitions.
During a recent briefing with Acting Prime Minister Anwaarul Haq Kakar, the FBR made a bold promise – they're determined to add one million new taxpayers to the list and bring 20,000 retailers into the POS system by June 2024. What's more, they're extending the reach of the POS system to cover more cities, making it even more accessible and efficient.
But that's not all; the FBR is also diligently working on streamlining customs through digitization and connecting the Pakistan Single Window with more government institutions. These efforts are in line with the government's ambitious revenue target of Rs 9,415 trillion for fiscal year 2024. Remarkably, in the first two months, they've already collected Rs 1,207 thousand, surpassing the expected target by 2.11%.
Domestically, tax collection has seen a remarkable year-on-year growth of 38.7% for fiscal year 2024. The Prime Minister has not only lauded these achievements but also emphasized the importance of cooperation among all relevant agencies for further tax reform. Additionally, he stressed the need to enhance the relationship between the federation and the provinces concerning tax filings.
Exciting times lie ahead in the world of Pakistani banking, with these ambitious goals and strategies in place. Stay tuned for more updates on this journey towards financial growth and prosperity!
