FBR struggles to achieve tax collection target

LAHORE: The Federal Board of Revenue (FBR) is facing challenges in achieving its monthly targets, with only 43% of the target achieved in the first 18 days of the month, ARY News reported.

As per details, the FBR headquarters has issued a letter to the Chief Commissioner of Corporate Regional Tax Office, mentioning concerns over the slow pace of revenue collection.

The letter mentioned the need to enhance efforts to achieve targets, particularly in the first quarter of the financial year.

The FBR has also directed the Corporate Regional Tax Office to focus on recovering outstanding taxes and ensuring timely filing of monthly sales tax returns.

Additionally, the FBR has stressed the importance of monitoring withholding agents to prevent tax evasion. Overall, the FBR is urging its offices to intensify their efforts to meet the revenue targets and address the challenges in tax collection.

READ: FBR urges citizens to file income tax returns as deadline approaches

Earlier, the Federal Board of Revenue (FBR) cautioned citizens against last-minute rush, advising them to file their income tax returns before the deadline as there will be no extensions granted.

FBR spokesperson, Bakhtiar Muhammad, urged taxpayers to submit their taxes before September 30, 2024 to boost Pakistan’s economy.

By doing so, the government aims to promote a culture of tax compliance, which is crucial for the country’s economic stability and growth.

The spokesman stated that the date of filing the tax return will not be extended even by a day, the electricity and gas connections of those who have not submitted the returns may be disconnected, while those who have not submitted the returns will have their SIM blocked.