ISLAMABAD: Prime Minister Imran Khan on Saturday lauded the Federal Board of Revenue (FBR) for achieving its seven-month revenue collection target and taking strict measures to curb smuggling.
The Prime Minister said in a Twitter message, “I commend the FBR field formations for achieving the 7-month revenue targets through bold tax audits and enforcement, and anti-trafficking.”
The Prime Minister advised the FBR field formations to continue working with honesty and determination.
Prime Minister Imran also lauded the FBR head office team for developing the IT-driven transformation plan and achieving the track and trace system.
Once fully operational in July 2021, Prime Minister Imran said the system would help generate hundreds of billions in additional revenue, prevent counterfeiting and establish the rule of law.
‘FBR tax reform in payment of profits’
Earlier this month, the FBR claimed that the tax reforms it introduced had begun to pay dividends.
The country’s largest tax collection agency says it has collected data from various utility agencies and other departments to provide a 360-degree view of taxpayers.
The FBR said its reforms would facilitate taxpayers, reduce human interaction, simplify tax laws and automate tax filing procedures, manage integrity, enforce tax codes and increase revenue. Focuses on boosting exports through policy initiatives and rapid growth in business activity. Refunds and defects and better service delivery.
The tax regulator said it had exceeded its seven-month revenue target for the current financial year 2020-21 by raising Rs 2,570 billion against the target of Rs 2,550 billion due to reforms.
The body said it was able to raise money even though it had released 80 per cent more refunds than in the same period last fiscal year.
The move has helped the business community reduce the cost of doing business and provide working capital for investment.