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Print Print 2024-04-09

SIFC helps FBR collect Rs6.71trn in Jul-Mar FY24

  • The government is likely to achieve its Rs 9.415 trillion revenue collection target for 2023-24
Published April 9, 2024

ISLAMABAD: With the collaborative efforts, particularly with the Special Investment Facilitation Council (SIFC), the Federal Board of Revenue (FBR) has collected Rs 6.710 trillion during July-March (2023-24) against the assigned target of Rs 6.707 trillion, reflecting an increase of Rs 3 billion.

The government is likely to achieve its Rs 9.415 trillion revenue collection target for 2023-24, an increase of Rs 2.219 trillion or 30 percent from Rs 7.2 trillion collected in 2022-23. This notable success is credited to collaborative efforts, particularly with the SIFC, which has played a pivotal role in facilitating investments and refining tax collection processes.

Despite facing challenges, including legal obstacles impeding the implementation of the FBR’s restructuring plan aimed at boosting the tax-to-GDP ratio to 15 percent, proactive measures are underway to expand the tax base and ensure efficient revenue collection.

SIFC gives go-ahead to FBR reforms

Overcoming these hurdles is essential for meeting the government’s fiscal needs, underscoring the importance of optimising revenue collection strategies.

The SIFC’s dedication to attracting and facilitating investments and streamlining business procedures has significantly enhanced the investment and business landscape in the country. Through collaborative policy-level initiatives with federal and provincial stakeholders, the SIFC strives to enhance the ease of doing business and reduce operational costs. With the government’s focus on improving macroeconomic indicators and implementing investor-friendly policies, investor confidence in Pakistan’s economy continues to grow.

In related developments, Europe has given the green light to the Vocational Talent Boost programme proposed under Pakistan-Finland Cooperation, recognising SIFC’s efforts to bolster human resource export to new Countries of Destinations (CoDs).

This €1.5 million initiative aims to promote vocational training in critical sectors such as hospitality, construction, and healthcare.

Through collaboration with Finland’s Turku Vocational Institute (TAI) and NUTECH Pakistan via the SIFC, the project will prepare a skilled workforce aligned with EU standards, contributing to increased remittances and economic growth. The first batch of trainees is slated to relocate to Finland by October 2025, enhancing employability both in domestic sectors and abroad and average earnings and fostering socio-economic prosperity and remittances.

On the macroeconomic front, the government has approved the commencement of work on an 80km pipeline from Gwadar to a point where it will get connected with the pipeline in Iranian territory, ahead of the Iranian President Ebrahim Raisi visit who is expected to visit Pakistan on April 22.

Pakistan’s energy crisis and depleting gas reserves have led to a significant increase in gas tariffs. Timely completion of the IP project will address Pakistan’s energy security and pave the way for a reduction in domestic gas tariffs.

Furthermore, initiating work on the project demonstrates Pakistan’s commitment to completion and serves to avert an $18 billion penalty imposed by Iran due to non-completion.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Faisal Apr 09, 2024 08:08am
Who is providing such nonsense and comical content to business recorder ?
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Aam Aadmi Apr 09, 2024 08:55am
FBR should wind up and make way for SIFC which should be responsible for all State affairs right from the policy making at the highest level to cleaning public toilets, if SIFC is that efficient.
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KU Apr 09, 2024 09:13am
That's good news, SIFC also needs to declare war on corruption and theft in public sector and by it's officers. We are treading in dangerous waters now and lives are at stake.
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Love Your Country Apr 09, 2024 01:58pm
Full disclosure is missing
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Aziz K Apr 09, 2024 05:48pm
if that's what SIFC is doing, I would suggest to eliminate/privatise ALL gov't run businesses including RUN BY MILITARY using national treasury funds, paying NO TAXES and NO AUDIT OR accountability.
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Realist Apr 09, 2024 06:18pm
What utter hogwash. No details have been provided how the increase is attributable to SIFC. Zero. OTOH, everyone knows the increased collection is down to inflation of 30% and statistical wizardry
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TimetoMoVVeOn Apr 09, 2024 07:36pm
Who is going to investigate sifc
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[email protected] Apr 10, 2024 01:40am
Your article about Sifc is totally wrong as per ground reality it's all due to hard work of FBR field staff especially by 474 inland revenue officers and inspectors . The css officers just enjoying
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[email protected] Apr 10, 2024 01:43am
Totally wrongful article why such paid article are published Sifc is nothing to do with collection of taxes
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