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Monday December 06, 2021

PM Imran lauds FBR for achieving revenue target

PM Imran has advised the FBR field formations to continue working with honesty and commitment

By Web Desk
February 20, 2021
Prime Minister Imran Khan.

ISLAMABAD: Prime Minister Imran Khan Saturday appreciated the Federal Board of Revenue (FBR) on achieving the seven-month target of revenue collection and taking strict measures to curb smuggling.

“I commend FBR Field Formations on achieving 7-months revenue targets by undertaking bold tax audit and enforcement, and counter-smuggling measures,” the prime minister said in a message on Twitter.

The premier advised the FBR field formations to continue working with honesty and commitment.

PM Imran also lauded the FBR Head Office team for developing the IT-enabled transformation plan and procuring a cutting-edge Track and Trace System.

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

‘FBR’s tax reforms paying dividends’

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

The country’s premier tax collection agency said that it has gathered data from different utility agencies and other departments to have a 360-degree view of taxpayers.

FBR said its reforms focused on facilitating taxpayers, reducing human interaction, simplification of tax statutes and tax filing procedures through automation, integrity management, enforcement of tax code and policy measures to boost revenue and promote exports through an increase in business activity, speedy payment of refunds and drawbacks and better service delivery.

The tax regulator stated that it exceeded its seven-month revenue target for the ongoing FY 2020-21 by collecting Rs2,570 billion against the target of Rs2,550 billion because of the reforms.

The body said that it was able to collect the amount even though it has issued 80% more refunds in comparison with the same period of the last FY.

The move has helped the business community in reducing the cost of doing business and providing working capital for investment.