FBR Chairman states current year’s tax target is “not easy but achievable.” Many are outside the tax net or under-reporting. FBR shifting to ‘eligibility’ criteria, facing IMF pushback on rebates. The focus remains on meeting ambitious revenue goals.
FBR missed its final tax target by Rs165 billion, despite two downward revisions! The original FY24-25 goal was missed by a staggering Rs1.248 trillion. This highlights persistent revenue challenges & raises questions about projections.
Despite a 76% surge in tax filers, Pakistan’s tax-to-GDP ratio dropped to 8.7%. An AGP audit blames “procedural filers” & high-income individuals filing nil returns. FBR’s BTB wing shows “unverifiable progress.” Audit recommends mandatory registration & data access.
LTO Karachi has shattered expectations, crossing an incredible Rs3 TRILLION in tax collection for FY2024-25! 🔥 With just two days left, they’re pushing for Rs3.25 TRILLION, a historic feat. This “mini-FBR” recovered Rs31 billion by freezing defaulters’ accounts, showing fierce enforcement. Their 27% surge isn’t just numbers; it’s a seismic shift in Pakistan’s tax culture, setting new benchmarks and boosting confidence.
FBR launches a targeted crackdown on Pakistan’s booming solar energy sector. Officers are deployed for 30 days under Sales Tax Act 1990 to monitor sales & stock of leading companies, aiming to curb tax evasion and ensure transparency in the green economy.
FBR faces “unprecedented negligence” charges from Anomalies Committee chief Ehsan Malik. Members walked out over officials’ “disrespect,” leaving key budget flaws unaddressed. This raises alarms over FBR’s sincerity & the purpose of consultation committees after the Finance Bill passed.
New Finance Bill 2025-26 broadens “abettor” definition. If your bank account is used for tax fraud, you’re liable for prosecution & jail time! This includes preparing false invoices or operating accounts illegally. Govt strengthens efforts to curb tax evasion.
SBP issues special banking schedule for fiscal year-end tax collection (FY24-25). Banks and NBP branches will have extended hours on June 28 & 30 (till 10 PM/midnight) to facilitate tax payments. Aims for smooth processing & real-time settlements, ensuring no bottlenecks.
The PPP now fully backs the federal budget! Gov’t conceded to exempt income tax on Rs1.2M annual salary, cut solar panel sales tax, and limit FBR’s arrest powers (now bailable, no arrests at inquiry). Also, BISP budget increased to Rs716B.
FBR & banks partner to curb tax evasion via data exchange. New investment/withdrawal limits set (Rs5cr/Rs10cr). FBR gains powers for counterfeit goods & strictly enforces digital/social media ad taxes, with Rs1M fines & payment blocks for non-compliant foreign firms.