Technical parleys between IMF, FBR continue: Revenue boost main focus

ISLAMABAD: The technical-level talks between the International Monetary Fund (IMF) and the Federal Board of Revenue (FBR) continued on Thursday with a special focus on enforcement measures to increase revenue from potential areas including real estate sector, retailers and the agriculture sector with the help of provinces.

Sources told Business Recorder that the FBR continued technical-level discussions with the IMF staff-level mission led by its Mission Chief here on Thursday at the Ministry of Finance.

The FBR team headed by FBR Chairman Amjad Zubair Tiwana briefed the IMF team on strategy to meet the annual revenue collection target of Rs 9.4 trillion for 2023-24. In this regard, tax projections for the remaining quarters of the current fiscal year were discussed with the IMF.

FBR shares collection data with IMF

The FBR has informed the IMF that the tax machinery would meet the assigned tax collection target of Rs 9.4 trillion for 2023-24. The FBR has also shared a plan that the expected shortfall, due to import compression in coming months, would be overcome through domestic taxes especially direct taxes.

Besides improving tax collection from retail and real estate sector by the FBR, federal authorities would have consultative meetings with the provinces for taxation of agriculture sector.

The FBR has also shared the strategy to increase the number of income tax return filers by end June 2023. The FBR has received 2.9 million returns up to October 31, 2023 as compared to 4.9 million received during last year.

Copyright Business Recorder, 2023