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ISLAMABAD Pakistan is looking at new measures to boost tax revenues, as the country continues to miss its own tax collections targets.
On May 1st the Tax Reforms Coordination Group (TRCG) met with the Federal Board of Revenue (FBR) of Pakistan to discuss the current state of tax collections in the country and the potential changes to tax policy which could be implemented in order to boost tax revenues.
The Federal Minister for Finance Dr. Abdul Hafeez Sheikh, who chaired the meeting, emphasized to the FBR and the TRCG that Pakistan needs to greatly improve the rate of collections of taxes in order for the country to meets in tax collections target of PKR 1952 billion for the current year. The Minister was informed at the meeting that in the first 10 months of the fiscal year the FBR has collected PKR 1 424 billion, and has only two more month to collect the remaining PKR 528 billion, and in April the FBR collected a provisional amount of taxes of PKR 158 billion, compared to the target of PKR 187 billion. It was agreed that the Minister would now be send detailed daily reports regarding the progress of the tax collections.
In the run up to the end of the fiscal year, the FBR has pledged to dedicated greater resources to follow taxpayers who do not comply with their obligations to pay Withholding Tax, one of the major sources of revenues for the government. The FBR will also launch an nationwide education campaign to improve knowledge of taxpayers Withholding Tax obligations.
The FBR and the TRCG also discussed current proposals for new policies and projects aimed to facilitate greater development of business in Pakistan, toreduce the overall costs of operating a business, to optimize tax legislations and promote greater levels of tax collections. Both groups agreed to finalize their proposals and put them forward to be introduced in the next government budget, which is scheduled to be revealed in late May.
Pakistan Needs to Boost Tax Collections
On May 1st the Tax Reforms Coordination Group (TRCG) met with the Federal Board of Revenue (FBR) of Pakistan to discuss the current state of tax collections in the country and the potential changes to tax policy which could be implemented in order to boost tax revenues.
The Federal Minister for Finance Dr. Abdul Hafeez Sheikh, who chaired the meeting, emphasized to the FBR and the TRCG that Pakistan needs to greatly improve the rate of collections of taxes in order for the country to meets in tax collections target of PKR 1952 billion for the current year. The Minister was informed at the meeting that in the first 10 months of the fiscal year the FBR has collected PKR 1 424 billion, and has only two more month to collect the remaining PKR 528 billion, and in April the FBR collected a provisional amount of taxes of PKR 158 billion, compared to the target of PKR 187 billion. It was agreed that the Minister would now be send detailed daily reports regarding the progress of the tax collections.
In the run up to the end of the fiscal year, the FBR has pledged to dedicated greater resources to follow taxpayers who do not comply with their obligations to pay Withholding Tax, one of the major sources of revenues for the government. The FBR will also launch an nationwide education campaign to improve knowledge of taxpayers Withholding Tax obligations.
The FBR and the TRCG also discussed current proposals for new policies and projects aimed to facilitate greater development of business in Pakistan, toreduce the overall costs of operating a business, to optimize tax legislations and promote greater levels of tax collections. Both groups agreed to finalize their proposals and put them forward to be introduced in the next government budget, which is scheduled to be revealed in late May.
Pakistan Needs to Boost Tax Collections
