Pakistan has developed an alternative plan to address the tax shortfall without implementing a mini-budget, according to sources from the Federal Board of Revenue (FBR), as reported by ARY News on Tuesday.
As per details, FBR Chairman Rashid Langrial has devised a strategy to tackle the tax shortfall after Prime Minister Shehbaz Sharif rejected the proposal to increase taxes on the salaried class.
The FBR chief is scheduled to hold key negotiations today to discuss measures for boosting tax revenue.
The talks will focus on the FBR’s Transformation Plan, the Track and Trace system, and the Retailers’ Scheme. Under the Transformation Plan, the FBR aims to modernize its framework to meet international standards. The Retailers’ Scheme will enable the sharing of registered traders’ data with the IMF.
Sources revealed that from July to October, FBR had aimed to collect PKR 17 billion in taxes from traders but fell short of the target.
Further, the Track and Trace system is set for installation reviews across five sectors, with an evaluation to extend it to the tile sector as well.
Proposed changes include raising the FBR fee on POS receipts by Rs 1. Additionally, discussions with the IMF will include special audits for retailers who do not implement POS systems. FBR will brief the IMF delegation on its enforcement plan to address the revenue shortfall.
An IMF delegation is currently in Pakistan for loan negotiations.
According to sources from the Ministry of Finance, the IMF team will assess Pakistan’s economic performance and hold talks with relevant ministries.
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