Artificial intelligence and innovative ways: More people to be brought into tax net: Tarin

ISLAMABAD: The Federal Minister for Finance and Revenue Shaukat Tarin said Thursday that efforts are under way to bring more people into the tax net by using artificial intelligence and innovative ways.

The minister was chairing a meeting of the Apex Committee on broadening the tax base and integration of retail businesses.

He underlined the importance to keep the momentum of July 2021 revenue collection for the coming months as well for achieving Rs5.8 trillion revenue collection for the current fiscal year.

“Finance minister directed FBR to continue its diligent efforts for enhancing tax collection”.

An official said that the FBR also updated the finance minister about the measures being taken to bring the retail sector into the tax net.

Tarin’s approach to Budget FY22 ‘Well thought out’ tax reforms

The meeting was attended by Special Assistant to Prime Minister on Finance and Revenue Dr Waqar Masood, chairman FBR and other senior officers.

The finance minister stated that the FBR record revenue collection during the month of July 2021 equal to Rs413 billion which is 21 percent above the set target for the month.

He further stated that July’s revenue collection is a reflection of the government’s prudent policies for sustained economic growth. This clearly indicates that fiscal consolidation efforts are on track with key focus to broaden tax base by using artificial intelligence and innovative ways for bringing more people into the tax net, he added.

Copyright Business Recorder, 2021