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PM Imran congratulates FBR on achieving its revenue target

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Prime Minister Imran Khan.

ISLAMABAD: Prime Minister Imran Khan on Saturday thanked the Federal Board of Revenue (FBR) for meeting the goal of seven months of collecting revenue and taking strict action to combat smuggling.

I applaud FBR Field Formations for meeting their 7-month revenue targets by undertaking a bold audit and enforcement of taxes and anti-smuggling measures, the Prime Minister said in a Twitter post.

The Prime Minister advised the RBF field formations to continue working with honesty and commitment.

PM Imran also congratulated the FBR head office team for the development of the IT transformation plan and the acquisition of an advanced Track and Trace system.

Once fully functional in July 2021, Prime Minister Imran said, the system would add hundreds of billions in additional revenue, reduce counterfeiting and help establish the rule of law.

RBF tax reforms pay dividends

Earlier this month, the FBR claimed that the tax reforms it introduced had started paying dividends.

The country’s leading tax collection agency said it has collected data from different utility agencies and other departments to get a 360-degree view of taxpayers.

FBR said its reforms focused on facilitating taxpayers, reducing human interactions, simplifying tax statutes and tax filing procedures through automation, integrity management, code enforcement fiscal and policy measures to increase income and promote exports through increased business activity, prompt payment of reimbursements and inconveniences, and better service delivery.

The tax regulator said it exceeded its seven-month revenue target for the current 2020-2021 fiscal year by raising Rs 2.570 billion against the Rs 2.55 trillion target due to the reforms.

The body said it was able to collect the amount even though it issued 80% more refunds compared to the same period last fiscal year.

This move has helped the business community reduce the cost of doing business and provide working capital for investment.

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