August 10, 2024 (MLN): To expand the country's tax net, the Federal Board of Revenue (FBR) has shared its five-year future targets with the International Monetary Fund (IMF), according to sources.
As per details, FBR has set a target of bringing more than 20 million people into the tax net, over the next 5 years.
To achieve the aforesaid long-term target, the FBR plans to register 3.72m people and 23,500 associations of persons this year.
Additionally, more than 9,500 companies will be included in the tax net during the current financial year.
For the next financial year, the aim is to bring 3.91m people, association office persons, and companies into the FBR’s system.
In FY27, FBR is aiming to register 4.1m non-filers into its tax net. With the FY28 target set at 4.31m individuals.
During the financial year 2028-29, the goal is to bring 4.525m people into the tax net.
Sources disclosed that the IMF has demanded strict implementation of the plan starting from the current financial year.
