The Federal Board of Revenue (FBR) has set an ambitious revenue collection target of PKR 12.97 trillion for the fiscal year 2024-25. In a recent meeting chaired by Finance Minister Muhammad Aurangzeb, the FBR outlined its strategy to achieve this milestone through digitization, operational reforms, and advanced data analytics.

Key Highlights of the Strategy

·      Digitization and Automation: The FBR plans to implement advanced data analytics and automate tax processes to enhance efficiency and reduce errors.

·      Taxpayer Services: A strong emphasis on creating a taxpayer-friendly environment encourages compliance and widens the tax net.

·      Revenue Collection Success: The FBR has already progressed, collecting PKR 659.2 billion in July 2024, exceeding its monthly target of PKR 656 billion.

Leadership Transition

Outgoing Chairman Malik Amjed Zubair Tiwana was lauded for his contributions, including IMF negotiations and budget planning. Rashid Mahmood Langrial, the newly appointed Chairman, has been entrusted with steering these reforms to meet the ambitious goals.

Challenges Ahead

While the FBR's initial performance is promising, achieving the annual target requires sustained efforts. The focus will remain on reducing the informal economy, improving audits, and fostering collaboration with other government agencies.

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