FBR, IMF & revenue targets
The federal budget for fiscal year (FY) 2022-23 assigned an ambitious target of Rs. 7.470trillion to the Federal Board of Revenue (FBR), which includes both direct and indirect taxes. The…
FBR: Dwindling tax collection Jan 06, 2023
Pakistan has one of the world’s lowest tax ratios, stemming from five main weaknesses: complexity, a narrow tax base, low compliance, inefficient tax administration, and low and declining provincial tax…
FBR: dismal income tax collection
The continuously declining dismal share of income tax in overall tax collection during the last many years testifies to the lack of judicious balance between direct and indirect taxes, resulting…
Growth in FBR revenue
The revenue collection target set for FBR in 2022-23 is Rs 7,470 billion, equivalent to 8.9% of the projected GDP, following an agreement with the IMF (International Monetary Fund). The…
FBR — making tax digital and beyond (II)
The top global trend at the moment is continuous transaction control-CTC aiming to close VAT gaps, increase revenue and have more control over data. CTC regimes however, is not uniform…
FBR: new chairman old challenges
On July 4, 2017, Tariq Mahmood Pasha, a seasoned grade-22 officer from Internal Revenue Service (IRS), assumed the charge of Chairman Federal Board of Revenue (FBR). The appointment of chairman from…
FBR’s resistance to tax reforms
Fiscal consolidation should be as growth-friendly as possible. In general, tax base-broadening reforms are identified as growth-oriented reforms. To the extent that they reduce distortions to economic decisions on work,…
FBR: audit closure, capacity & legality
According to a Press report, the government of Pakistan Tehreek-i-Insaf (PTI) “has quietly closed over 310,000 tax audit cases that had been automatically selected from 2015 to 2017 due to…
Setting FBR target for FY2020-21
Projecting budgetary targets, in general, and tax revenue, in particular, with a fair degree of accuracy is an essential element of sound fiscal management and, therefore, of maintaining fiscal discipline…
FBR: embracing the digital
For the first time, the FBR is keeping pace with the changes taking place on the tax landscape around the world. The question is: how far will the move be…
